Thank you for standing by, and welcome to the Myer's full -year results conference call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. John King, CEO. Please go ahead. Thank you. Good morning, everyone. To investors and analysts, and also to the media who joined on a listen-only basis, thank you for joining our call today. I'm John King, CEO of Myer, and I'm joined today by Nigel Chadwick, our CFO. Please note that this call is being recorded. To the agenda for today. I'll begin with a quick overview of the full year 2021 results, then I'll hand over to Nigel, who will provide you with more details. I will then speak further on our Customer First Plan, which is a strategy we outlined and launched in September 2018. After that, there'll be an opportunity to ask questions. The significantly improved FY 2021 results reflect the successful transformation of the business achieved under the Customer First Plan between 2018 and 2020, as well as the COVID-19 overlay that was introduced in half one FY 2020. This result is a testament to our team, brand partners, and suppliers, and of course, a recognition of the loyalty of our customers. It also demonstrates we are starting to see the business thrive despite the extraordinary market conditions. Our FY 2021 results, including growth in profitability for both the first and second half, demonstrates the Customer First Plan is getting real traction. Despite the on again, off again nature of physical retail over FY 2021, we delivered solid profitable sales growth when stores were trading, combined with continued growth in our online business. As we have consistently said over the past three years, our focus has been on profitable sales, growing the online business, disciplined management of costs, cash, and inventory, space optimization, and the deleveraging of our balance sheet. The successful execution of these and many more strategic initiatives have delivered a solid growth across all key metrics in FY 2021 and will continue to drive our business into the future. As a business, we have continued to prioritize the health and well-being of our team members, customers, and the broader communities in which we operate, and customers will have seen this with our enhanced health and safety measures in place. We have also supported respective governments across the country in response to their mandated closures. To our results today on page 4. The momentum of our Customer First Plan is clearly visible in these results. Total sales up 5.5%, which is over AUD 2.65 billion, held back by forced store closures with over 2,000 trading days in lockdown, including key trade periods like Boxing Day and our recent Stock take Sale, and of course, the extended Melbourne lockdown in Q1. Group online sales continues to grow, now 20.3% of our business, and importantly, now one of the biggest retail online domestic businesses at AUD 539.5 million. This is up from AUD 208 million in FY 2018 when we started the Customer First Plan, and it continues to be a key focus for our business. Our margin has also improved substantially, with operating gross profit up 10.2%. Importantly, throughout this period, our focus on customer service is paying off, with record levels in both in-store customer satisfaction and online NPS. CODB was down 87 basis points as a percentage of total sales. We did receive government subsidies which ended in September 2020 and only minor rent waivers during half two. To our results today. EBIT increased 117.2% to AUD 170.5 million. Net profit after tax up AUD 65.1 million to AUD 51.7 million. Statutory profit after tax of AUD 46.4 million, up from a statutory loss of AUD 172.4 million in FY 2020. Implementation costs and ISIs post-tax were AUD 5.3 million. We continue to strengthen our balance sheet with net cash of AUD 111.8 million versus net debt in FY 2018 of AUD 107 million. We have a much cleaner inventory position. Our dividend continues to be suspended as we manage the current lockdown volatility. The momentum of our Customer First Plan. Now to page six. While these are full-year results, I'd like to take you through some of the second-half highlights, which demonstrate strong finish to the first three years of the Customer First Plan. We remain focused on the delivery of our Customer First Plan using the strength of our store network as well as online, and responding to the challenges and opportunities associated with COVID-19. We've continued to deliver against this plan, and it's clear that it's gained momentum. We are putting customers at the heart of everything we do. It focuses on us providing leading service experiences and brands to our customers, whether they shop with us in store or online. It also ensures we're operating in the most productive, efficient, and effective way across the business. Where are we from three years ago? We are now a more resilient business because of this execution of our strategy, the Customer First Plan. Second half 2021 was profitable for the first time since FY 2017 and something all Myer team members can take pride in. Our bricks and mortar network traded well when we were able to trade, which I touched on earlier. Our team members continue to deliver outstanding service in a challenging environment, as measured by record customer service satisfaction scores. More on that later. Our inventory has never been in a better position. As also mentioned, we remained in a net cash position throughout FY 2021. 2021. We continue to progress key initiatives to deliver benefits as we continue the evolution of our plan. Online is now an AUD 500 million+ business. We've done this faster than we expected, with growth plans in place and an aspiration of a AUD 1 billion business in the medium term. As many of you would know, we announced our new National Distribution Center or NDC, as I'll refer to it going forward, in July, which will provide further online efficiencies, and enable stock to be allocated to our stores in a more efficient way. I will talk more about this later. We exited our Knox store in July and relaunched Cairns, Belconnen, Morley, Highpoint, post space reduction. Customers are loving these relaid and refurbished stores. We are seeing it in the numbers. In summing up this slide, I get asked a lot about the challenges of retail and what Myer face. I can say the challenges that I spoke about at the half previously remain. We continue to be impacted by reduced footfall associated with the pandemic, particularly in our CBDs, from mandated closures, remote working, and lack of tourism, which all drive city retail. However, the remaining business is performing strongly. It positions us well to capitalize as we move to a new COVID normal, where a lockdown strategy isn't the only strategy to combat the pandemic. We are closely monitoring our supply chain to minimize any disruption during peak trade periods. What I would say to those on this call is we have bought cleverly and early with locked-in supply contracts. We expect disruptions will be minimal to us. I will now hand over to Nigel to go over the results in more detail and rejoin you later on. Thank you. Thanks, John, and good morning, everybody. If we can now move to slide 8, please. As this is our second year of reporting under AASB 16, we've presented our results on a post AASB 16 basis. Obviously, as this is a 53-week year, every single line item will have been affected to some degree by the additional week. I don't intend to attempt to normalize for that as we go through, as there are probably 1 million different ways you could construct that 53rd week. For those who are interested, we have done one construct in the appendix, which shows an estimated impact on EBIT of about AUD 0.4 million, so immaterial in the scheme of things. Overall, considering the operating environment, this is a solid result and reflects the work undertaken during the past three years to improve the fundamentals of the business. Clearly, total revenue and GP were severely impacted by the temporary closure of various parts of our store network, particularly in Q1 and Q4 compared to last year, where the entire store network was closed for April and most of May. In total, we lost approximately 9% of trading days this year compared to 15% of trading days last year. Whilst in the first half, total sales were down just over 13%, we finished the year up 5.5%, following a strong second half, which was up 38.3%. As we mentioned at the half year, the year-on-year revenue differential in the COVID impacted first quarter was roughly AUD 125 million compared to 1H 2020, which was unaffected by COVID closures. In terms of this latest lockdown for June and July, revenues were down approximately AUD 75 million against the same two months in FY 2019, which, unlike last year, were also unaffected by COVID closures. Generally, during FY 2021, when stores have been open, trading has been solid. For example, if we look at those stores that were open for the full months of June and July this year compared to the same two months last year when we were open across the country, these stores traded up about 15%. In terms of comparable sales, which excludes periods where stores are closed or under refurbishment from both years, a strong second half saw us finish the year with a 0.9% increase, following a 3.1% decline at the half year. Given the weighting of our year towards the first half, that means that comp sales in the second half were up strongly at 8.4%. Clearly, the sales growth also impacted our GP, which was up just over 10%, and we'll discuss that in a bit more detail in a couple of slides. Cost of doing business finished the year up 2% reflecting the company's success in ensuring costs were kept to a minimum. Also, of course, it reflects the support we received from the government in the form of JobKeeper in August and September 2020, as well as the support from our landlords in the form of rent waivers, which again, were received mostly in the first quarter. Excluding both these items, saw CODB decline slightly year -on -year, and we'll go through that in more detail later on. That brings us to EBITDA, which was up 27.7% to AUD 390 million for the year on a post AASB 16 basis and before implementation costs and individually significant items or ISIs. ISIs. Depreciation was down slightly, reflecting lower net CapEx spend in recent years and prior period impairments of right of use assets. Net finance costs were down AUD 2 million, reflecting lower interest from leases as we exit floor space. The bottom line was a net profit after tax before implementation costs and ISIs of AUD 51.7 million, compared to last year's net loss after tax of AUD 13.4 million. Implementation costs and ISIs were mainly space exit make good costs and associated asset write-offs. Whereas last year we had significant non-cash right of use assets and brand name impairments. Statutory profit was AUD 46.4 million, compared to a loss last year of AUD 172.4 million following the impairments I just mentioned. We now move to slide nine. I don't intend to spend too long on this slide, but here we've presented the P&L on a pre-AASB 16 basis. As you can see, the bottom line is almost the same as on a post AASB 16 basis at AUD 50.7 million, which is slightly better than the trading update we announced a few weeks ago, and is the best full year result since 2017. You may recall, we reported a net profit at the half year of AUD 43 million. For the first time since 2017, the second half delivered a further net profit of nearly AUD 8 million, which is also the best second half result since 2016. In the notes on the right, we reference AUD 51 million of JobKeeper and rental waivers we received. This compares to a total of AUD 66 million in 2020. There are two points I'd like to make here. Firstly, other than AUD 1 million of rent support, all of this year's support was booked and reported in the first half, when revenues were down over AUD 200 million or 13%, and operating gross profit was down AUD 90 million compared to the prior year. For Myer, the trading fallout from store closures was significantly higher than the net support received in the first half of AUD 50 million. Secondly, contrary to some commentary, our pre-tax profit this year was AUD 74 million. If we simply adjust the total AUD 51 million of pre-tax JobKeeper and rent waiver out of the result, we would still have been profitable for the year. That's not counting the sales and GP fallout I mentioned earlier. The final point I'd like to make on this slide is in relation to rent waivers. As I mentioned, only AUD 1 million has been recorded in the second half as we continue to discuss the potential for rent relief with our landlords. If agreements are reached, they will be booked in FY 2022. Moving to slide 10. As you can see from this slide, OGP, despite being down AUD 90 million at the half year, finished the year up nearly AUD 100 million or 10.2%, and with OGP margin the highest we've seen in five years. Our view is this would have been even better without the forced store closures in the last quarter. As you can see, volumes contributed AUD 56 million reflecting the higher sales revenue for the year. Rate improved as we took lower discounts, particularly in the second half, reflecting a much lower level of clearance inventory sales as a result of our continuing efforts to improve the merchandise cycle. Rate was also impacted by improved margin in home-related categories due to strong demand and therefore less need to mark down. FX provided a marginal unfavorable impact, as did lower advertising subsidies and supplier support reflecting reduced purchases and tighter inventory management. In the other COGS bar, shrinkage was down again by nearly AUD 6 million from the prior year to AUD 19.5 million, and is now down over AUD 12 million from the levels we were at in FY 2018. Shrinkage now stands at 0.9% of wholesale sales. We expect to continue to manage this down through investment in technology to detect fraud and broader implementation of RFID. These savings were partially offset by higher MYER one costs reflecting the improvement in MYER one tag rate. Lastly, we also had a negative movement in margin rates from a mix shift to concessions from national brands and MEBs. Moving to slide 11 on CODB. On slide 11, we've excluded the JobKeeper and rent waiver support out of the numbers. As you can see, CODB has stayed relatively flat as we continue to look to offset inflationary increases and the effect of higher variable costs from online sales with other cost reductions. As I mentioned earlier, we did qualify for the JobKeeper subsidy from the federal government. This provided us a net wage subsidy of AUD 32 million in the first half of the year, compared to AUD 52 million in the second half of last year. All of these funds ultimately found their way through to employees, either as a direct pass-through to top up their wages to the required AUD 1,500 per fortnight, or in the form of subsidized wages as we readied the store network and brought staffing levels back up for reopening. Had we not received JobKeeper, we would likely have made very different decisions about how we dealt with the effects of the pandemic. Just as a reminder, we did not qualify for JobKeeper 2.0. We also received support from our landlords during the period, with AUD 18 million recognized in the first half and a further AUD 1 million in the second, which compares with AUD 14 million recognized in the second half of last year. When we look at CODB excluding both of these, store operating costs, including wages and other store costs, increased marginally by AUD 6 million to AUD 511 million, which included EBA increases. As you can see, the increase in variable costs from online, where revenue has grown from AUD 420 million last year to AUD 540 million this year, has been offset by reductions in store operating costs, such as store wages and other costs associated with space reductions. Further net cost savings of AUD 7 million were achieved in the support office across the majority of central functions, and carefully managed other discretionary costs such as marketing and travel. Moving to cash flow on slide 12. We've also presented our cash flow statement on a post AASB 16 basis. As you can see, operating cash flows improved AUD 67 million to AUD 365 million. Whilst last year's cash flow obviously benefited from JobKeeper received, rent withheld, and permitted tax deferrals to the tune of around AUD 100 million. This year, the effects of those things resulted in only a net cash benefit of around AUD 4 million. That makes this year a really terrific outcome off the back of the improved sales and margin achieved. The unfavorable working capital movement is largely due to the higher inventory levels at period end, caused in part by the lockdowns in Q4 2021, also r eflecting the significantly reduced intake in the last quarter of last year. T his was offset in part by lower receivables, mainly reflecting the receipt of JobKeeper for July 20 in August of this year, and the movement in payables arising from the rent withheld last year and tax deferrals. Cash CapEx net of landlord contributions was down again to just over AUD 32 million as we controlled our projects whilst we assessed the impact that COVID might have on the business. On the right of the slide, you can see the broad categories of spend. In particular, our weighting towards online and systems. We expect this trend to continue as we look to continuously improve the customer experience online. Subject to how the response to the pandemic evolves, we expect CapEx for FY 2022 will return to something between AUD 60 million and AUD 80 million as we continue to invest in our online business, roll out a new point-of-sale system, and proceed with our announced national distribution center. However, this will be an area that we continue to manage carefully and adjust in response to the operating environment and expected returns. Moving to the balance sheet. Here again, we've presented the balance sheet post AASB 16. As you can see here, the big movements were inventory, at year-end was up AUD 50 million or 19% year-on-year due largely to store closures in Q4, but also reflecting the fact that last year was abnormally low as we responded to the unknown potential effects of COVID. In comparison, though, inventory is still down 12% from FY 2019 levels and is down 17% from FY 2018 levels. Other assets and liabilities are down AUD 70 million, primarily due to receipt of accrued JobKeeper receivables at the end of last year and movement from a tax-receivable position to tax-payable position, and an increase in provisions mainly related to employee entitlements such as annual leave and long service leave. Fixed assets and software intangibles are both down, reflecting depreciation during the year. Net cash, again, we were in a net cash positive position of AUD 112 million, which is up AUD 104 million from last year-end. In terms of inventory, despite the slowdown of sales in Q4, our stock is very clean, with only 5.6% of stock being clearance inventory, compared to 8.2% last year and 13.2% in FY 2019. Just 18% of inventory is more than six months old versus 36% last year and 28% the year before. On the right of this slide, you can see where we are in relation to our banking covenants with each measure easily achieved at year-end and with ample headroom. Moving to debt on slide 14. On this slide, you can see the progression of our net debt or net cash balance over the last few years and the impact of our efforts to focus on cash and costs and to deleverage the balance sheet. In the bottom charts, you can see where our net cash position has been and our gross debt against our borrowing capacity throughout this financial year. As shown, and as we have said on the right, we've only been in a small net debt position for a total of 21 days during the entire year, and have been net cash positive for the entire second half. Peak net debt was just AUD 30 million compared to AUD 210 million in FY 2020, and peak gross debt this year was AUD 70 million compared to AUD 265 million in FY 2020. Clearly, we've had and continue to have significant headroom and liquidity within our existing facility, which has now been extended out to November 2022. We've commenced a process to review our financing requirements moving forward, which is progressing well, and we will make further announcements on that over the coming months. To summarize, before I hand back to John, we've returned the company to profitability despite the impacts of COVID-19, importantly, this includes a return to profit in the second half of the year, which was the first time since 2017. The second half profit had no JobKeeper and just AUD 1 million of rent waiver support. We're continuing to invest in the key aspects of the Customer First Plan, including growing our online business, further improving our in-store customer experience, and strengthening both our fulfillment and store networks. The combination of our network of bricks and mortar stores in key locations, combined with a leading online business, has represented a significant asset throughout the pandemic as customers switched between channels and lockdowns impacted different locations. Finally, our disciplined focus on costs and cash positioned us well to deal with the ongoing effects of the pandemic, and our balance sheet remains strong. We had net debt for just 21 days during the year. Managing costs, cash, and our balance sheet will continue to be top priorities during FY 2022, and we are well positioned to take advantage of the peak Christmas trading period. On that note, I'll pass you back to John. Thanks, Nigel. I'd like you all to turn to page 16 now. I've touched on the Customer First Plan before, but I'd just like to speak on a couple of things in more detail. As I said previously, our Customer First Plan has a focus on profitable sales, disciplined management of costs and cash and inventory, deleveraging the balance sheet, all of which combined underpin our delivery of growth across all key metrics at FY 2021. We fervently believe this is the right plan and is gaining momentum. If we look at the left-hand column on the slide, you'll see the six key categories that we have outlined, accelerating online, accelerating our factory to customer, in-store experience, refocusing merchandise, rationalizing property, and reducing overheads. You can see the progress that we've made against those. I don't intend to go through all of them, but I just want to call out the strong growth and scale of our online business now making it one of the biggest in Australia. The customer satisfaction scores are materially higher in the mid-80% now compared to the 70% when we launched the Customer First Plan three years ago. 8% reduction in space with a lot more to come and costs, overhead, and clear deleverage of the balance sheet. Ladies and gentlemen, this is the conference operator. We have temporarily lost connection with the speaker line. Please continue to hold and the conference will resume shortly. Hi, everyone. Many apologies for that. That's the first time that's happened since COVID-19 in lockdown. I'll just thank Nigel and get everyone to turn to page 16. I've touched on the Customer First Plan before. I'd like to speak on a few things in a bit more detail. As you know, our Customer First Plan has a focus on profitable sales, disciplined management of cost, cash, and inventory, deleveraging of the balance sheet, all of which help combine to underpin our delivery of growth across all key metrics in FY 2021. If we look at the left-hand side of the slide, our six key areas of focus in the Customer First Plan: accelerate online, accelerate factory to customer, improving our in-store experience, refocusing merchandise, rationalizing property, and reducing overheads. A couple of key callouts there for us. Reduction in space, 8% since first half 2018. A pipeline more of opportunities. More on that later. Higher margins and faster stock turn in merchandise. Our 3PLs, site re-open, NDC to come. Improved customer metrics and the strong growth and scale of online really is pleasing. Turning to page 17, looking at online, accelerating online, building on success here. As we've mentioned, we have a strong profitable growth for online, scaling this business significantly, now representing more than 20% of our business. We have an aspiration for this to be a AUD 1 billion+ business in the medium term. To put it simply, Myer Online is now one of the biggest online retailers in the country. It has increased its share significantly and profitably since FY 2018, and we are going to build on this success. To put this into scale with a few other retail examples, David Jones is at AUD 365 million, Big W at AUD 415 million, Adairs AUD 187 million, compared to our AUD 539 million and growing. From a pure play perspective, which get a lot of press, and while we're very respectful of them, Temple & Webster is at AUD 326 million, Adore Beauty is AUD 179 million, again, showing the scale of the business that we've now grown over the previous years. We continue to improve the experience for our customer. We've launched a number of enhancements across our navigation, filtering, searching, product sequencing, including the launch of Red Dot in the last month. It's another step allowing us to leverage data and automation to create a more personalized customer experience. We now have one of the largest non-grocery product catalogs in the country. Helping customers find the right product is key, and our focus is on curating what our customers want or when they need it. Our Net Promoter Score online has improved by 97% since the start of our Customer First Plan in 2018, and conversion is also up 84 basis points, showing this investment is resonating with our customers. We have made improvements with fulfillment. Many of you know our third-party logistics center has been operating since October 2020, getting product to our customers in a faster way, ensuring a better experience and material cost efficiencies for this business. You'll see that it's delivered more than 2.2 million units with a 6% reduction in cost per order. We've improved our range online. We continue to integrate brands through our drop ship with the marketplace offering and introducing more options with a data-led range of brands and products in response to performance and customer feedback. Just one example is our new turbocharged sports and athl eisure offering with a new and expanded range of sports, most in-demand brands. Throughout this slide up, our online business is outpacing our peers. It is a focus of the business to make online even better and bigger, being more data-driven in our approach to engaging with our customers. We have a clear focus to expand and drive more value in this space with key strategic investments. Moving to slide 18, factory to customer. Headline there, the NDC is transformational for Myer in many more ways. Getting products to our customers in the quickest, most efficient way is a priority for the business. This is why we announced in July this year that we've secured a lease on a new 40,000 sq m facility in Victoria as our NDC for both stores and online fulfillment. The NDC represents the next phase of the supply chain factory to customer initiative following the enhancements to online operations that were undertaken last year. Having an NDC is incredibly important as will ensure we can accommodate the growth of online business, providing the service levels our customers expect from Myer, whether they shop online or in store. There is widespread customer benefits and efficiencies anticipated for both the stores and the online business. It will allow us to be more data-led in stocking our stores, to allow stores to draw from the NDC as they meet demands, not the push model it holds, ensuring we continue to fulfill the stores more efficiently to meet where our customers are demanding and buying the products. Today, this is largely pre-allocated out to stores with a more limited ability to move stock around. This will provide huge benefits to our business. It will ensure through automation that online purchases are serviced even quicker. In the meantime, our current online DC partnership with Australia Post continues to perform well, which I've mentioned earlier, and this operation continues to play a key part in supporting our online growth as we transition to the NDC over the next 12-18 months. If you could move to page 19, I'd like to touch on customer loyalty and personalization. Getting closer to our customers and being data-driven in our approach with them and rewarding their loyalty is at the heart of what we do with this program. MYER one is a pivotal pillar of our business, and we are seeing significant momentum and have delivered some standout results, which results in our members receiving more value from Myer in return for increased engagement in the program. By improving the new member joining processes, both online and in store, we are seeing a significant rise in acquisition in the last year. In hard numbers, this is 168% higher than what we achieved last year or over 860,000 new members in the last three years, all without significant promotion. We've also sought to engage the customer in the MYER one program in every interaction that they have with us. Our increased focus on driving MYER one in-store and online experiences and process more relevant and exclusive promotions and greater rewards have seen MYER one engagement improve significantly in FY 2021. MYER one sales improved to 69.7% of total sales, up from 64.9% in FY 2020. In response to customer feedback, we also enhanced MYER one value proposition to provide customers with more value by reducing the thresholds for receiving a reward card from 2,000 to 1,000 shopping credits, meaning that customers now only need to spend AUD 500 to receive a AUD 10 reward card. This has meant that in FY 2021, we awarded 2.2 million more customers than FY 2020, and in turn, this resulted in total sales from redemptions of reward cards increasing by 60% versus the prior year, FY 2019. We are increasingly using our customer data and owned channels, such as EDMs and SMS, to provide our customers with relevant tailored offers and promotions, and have embarked on a program to accelerate the deployment of always-on strategies that optimize customer lifetime value. Combined, these initiatives have increased incremental revenue delivered from owned channels, communications by 55.3% since FY 2019. To our future plans, MYER one is part of the fabric of Myer and core to the Customer First Plan. It is part of the work underway on being a customer data and insights-driven organization. As such, we've increasingly focused on utilizing the data to provide insights that drive customer-driven decisions and provision of a personalized experience and offer to customers. To enable this, we will progressively invest in building our data sciences capability and technology, including upgrading the technology to enable seamless interface between myer.com.au and the MYER one programs. This investment will underpin our programs to accelerate the deployment of always-on strategies that optimize customer lifetime value. Over the next year or two, we also plan to relaunch the MYER one program with an enhanced overall customer value proposition, with the aim of further boosting customer engagement and increasing the membership in the program. This will require an upgrade of the underlying technology infrastructure. MYER one is one of the country's leading retail loyalty programs. Our aim is to make it bigger, better and more rewarding, and our future plans will deliver on that. To page 20 in relation to merchandise. The fundamentals are strong, and our focus is on growth. As mentioned, we are data-driven w hen it comes to merchandise, we respond to what our customers want and need. This has led to more than 100 brands going and 200 brands coming in. We will constantly evolve our product mix to ensure we are delivering for our customers. With COVID, we have shifted more into the in-demand categories such as casual, active wear, and home to name a few. We've also changed merchandise models where the results are a better offer for our customers and for ourselves. For example, women's footwear converted to Shoe HQ, which is now Myer's biggest concession within the business. Importantly, our inventory position has never been better, ensuring continuing newness for our customers. We've put in place a more disciplined merchandise cycle, and we continue to strengthen partnerships with key brands. As you know, we make the big brands bigger and will continue to do so. Some new brand introductions include Gucci Beauty, Lauren by Ralph Lauren, Barbour London and many more. We'll also launch exclusively Martha Stewart for Myer Home. These are much sought-after additions to our portfolio. Last week, we also launched Movement at Myer, representing new brands or brand extensions of the brands people love across sports, lifestyle, and technology, making it one of the more formidable lifestyle offerings in the market. This is launched online and will also unveil a landmark store destination in our Myer Melbourne store, with more stores to follow. Going forward, we'll continue to remove underperforming categories, add brands our customers want, and expand ones that are popular, but accelerate the rollout and scale of existing key women's, men's, and kids brands. For example, Levi's, Tommy Hilfiger, Champion, Polo Ralph Lauren, just to name a couple, across our store network. We've had great success with our beauty events. They continue to grow in popularity. We'll do more of them next year. We are the home of everything beauty. We want to cement this over the coming year. We continue to invest in our brand up propositions, which our customers are noticing, and we explore new ways to curate our merchandise, like our partnership with L.I Virtual, allowing us to curate great international and local brands through a truly multi-channel experience. These new additions are just a small proportion of the breadth of exciting innovations and exclusive launches, which will ensure customers continue to choose Myer as their favorite Australian department store. We can move to page 21. We've seen the customer experience in store materially improve. We know the customer experience online and physical stores is key. It's a given. We have again recorded our highest levels of customer satisfaction results with our in-store team members, 83%. Our innovative M-Metrics app is driving continuous improvement. It was great to see Myer named Department Store of the Year by Roy Morgan once again, as well as being rated as the seventh most trusted brand, up from 10th spot last year. Across our stores, we are continuing to improve the customer experience with redevelopments and relayering taking place across the country. With more than 20 stores relayed over the past year. We have responded to our customer and their changing behaviors, providing new brands and formats in stores like Werribee, Bondi, Eastland, just to name a few. Our Karrinyup major refurbishment is complete, as well as other major refurbishments that are downsized Cairns and Belconnen stores. Eastland and Morley stores have been downsized, relayed and refreshed. These stores look fantastic, and the customer response has been positive. We're also relayering and refreshing our store at Chadstone, which will be completed by November 2021, and further improvement works are planned for our Albury, Toowoomba, and Ballarat stores. All of these targeted works are aimed at giving our customers the best possible in-store experience when shopping with us. We're also continuing to invest in technology to improve the efficiency of our store operations. We have completed our first successful trial of our replacement point-of-sale system, with further pilots to be rolled out before Christmas. The months leading into Christmas and beyond are well and truly front and foremost for the team. Moving to page 22. Space reductions have been and are continuing to contribute to optimizing profitability as part of our multi-channel strategy. We continue to reduce space across our store network. In total, we have exited 83,000 sqm of space since first half 2018, including 42,000 sqm executed or agreed to exit in FY 2021 alone, which includes the closure of Knox. We have a further 70,000 sqm of space in the pipeline. As announced in early 2022, we'll be moving to a more appropriately downsized store support office at 1,000 La Trobe Street in Docklands, ensuring the best office environment for our team members whilst reducing costs for the business. Importantly, when we've made these changes to stores, we are seeing vastly improved productivity with stores like Cairns, Belconnen and Morley all significantly outperforming state averages, as you will see in the snapshot below. Our approach still remains to have the appropriate balance between physical stores and space, and online to serve our customers better. Slide 24, Christmas. We are focused on the season ahead. Myer is Australia's home of Christmas gifting. We will have a larger Giftorium offer with an improved online and in-store shopping experience for our customers. We are well stocked and prepared for Christmas. Our new Christmas campaign is strong and distinctive. A great follow-up to last year's highly successful Bigger than Christmas campaign, which was well received by the community. In addition, we have developed a strong promotional plan and will leverage a more engaged customer base through MYER one over this period. We are making exciting plans for Myer Melbourne to once again showcase our Christmas windows and have a new Giftorium within the iconic Mural Hall once lockdowns begin to ease. We are currently seeing that Christmas is a leading search term already on our website. We have a compelling offer, and the team are excited and ready to meet the needs of our customers in the safest possible shopping environment. In conclusion, we will deliver on page 25. We will continue to deliver against our strategy, our Customer First Plan, which we believe is clearly getting traction despite the extraordinary market conditions. Importantly, it is resonating with our customers. We have a more engaged MYER one base. We have record in-store customer satisfaction, record online NPS. As we said earlier, seventh in the Roy Morgan Most Trusted Brands. Today's results show the strength of our online business, which we have scaled over the last three years to a formidable size, with enhanced fulfillment capability, outsizing competitors in pure play. We have a strong balance sheet with significantly improved merchandise offer, better inventory management and disciplined management of costs. When we relayed stores, we moved over 83,000 sq m in space and optimized our network, as we said we would, with more to come. Results today demonstrate we're on the right track. We've achieved a lot over the past three years, but we know there is more to be done, and this is the right plan with more initiatives in place to continue to drive the business forward. The growth in online and MYER one continues to underpin the value of this business, providing us relative market scale in online and a growing competitive advantage in MYER one. The inherent value in both these components alone see significant upside for shareholders to come. Current trade remains subdued, given half the country remains in lockdown. However, we are seeing significantly strong sales performance of our online channel and outperformance of our non-lockdown affected regions, which provides optimism as we ease out of the national lockdown strategy. Finally, I want to thank our team members, brand partners and suppliers, but above all, our customers. We remain focused for the all-important Christmas period ahead and look forward to seeing you in store or online soon. Thank you. We will now open up for questions. Apologies for the breakdown earlier on. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Ben Gilbert with Jarden. Please go ahead. Good morning, guys. Just first question from me, just around the inventory. You've obviously given some metrics there which suggest it's pretty healthy. I'm just wondering how you're thinking about inventory and particularly planning into Christmas, just in the context of it feels like the market's probably sitting a little bit heavy, but at the same time, there's obviously a lot of challenges around freight and distribution. Do you feel you've got enough inventory at the moment? What are your plans around stock coming in? How are you seeing the backdrop out there at the moment? I mean, clearly, there's a few elements to that, Ben. I mean, firstly, it's winter stock, so we've got a plan for moving that. We bought a little bit lighter, so just in case, so therefore, we don't have a stock problem as such. As Nigel said in the slides, 18% is six months or older, so the rest is all newer. We have a plan around that. Quickly, the key thing for us is to get the stores open quickly in New South Wales and Victoria. With regard to Christmas, we plan to bring it in earlier and we plan to ring-fence Q2. Apart from a few weeks, one or two weeks here or there, we'll be on schedule to launch around about the time the Christmas window is launching in October. We're actually coming through into Christmas windows in Myer Melbourne in November. We're fine with it. We think the plan is robust. It's been well-planned, and particularly, we're pleased with the way the marketing calendar and the promotional calendar is going to look this year compared to last year. For us, we're well set for that really important Q2 period. If we just look in the context of the other companies that have reported, they've had much more material inventory builds, just given the fact that there's a pretty optimistic view around reopening. I appreciate what you said, do you feel you could be sitting a little bit light? It feels like you've got shipments coming in that you're pretty confident of hitting the time pre-Christmas. Is that how we should interpret it? Yeah. Exactly. We've got more regular shipments of newer merchandise. If I think back to when I first joined this business over three years ago now, where we had clearance floors and clearance stores and stock up to the gunnels that was years and years old. What this has allowed us to do is be cleaner, better margins, less markdown. More importantly, we have the appropriate levels of stock. We always felt we had too much stock. We carried too much stock, and that's one of the reasons why the stock turns improved. We want to turn it even faster than we currently are, at just under four, and we believe there's an opportunity there. I'm not too worried about the absolute level of stock year on year, because I think we have the right stock, which is more important, and we've got plenty of it coming in. Just stick one for me. I notice you haven't given a trading update, and appreciate it's pretty tough at the moment, given everything that's happening. Could you just give us a couple of comments on how you're seeing the competitive backdrop and how you feel the consumer's positioned and how you're planning for the consumer to respond as we hopefully get lockdowns easing pretty soon? Yeah. Look, we've seen fantastic online sales, obviously, as I'm sure everyone else is. The stores that are open, as we said, are trading very well. Now clearly, Victoria and New South Wales are significant parts of our business. We're partially mitigating this lockdown there with online and those stores that are open. The one thing we do know is as soon as we open stores, they start flying. That's what we're planning for now. Hopefully, as things start to open up over the next month, we know we'll be ready. We've got a lot of experience with closing and reopening stores, unfortunately, over the last year. We're well set. We think we're going to be fine. As soon as we can reopen, that'll be great. Final one from me. One of the buzzwords or new ones now coming out of all the corporate is ecosystems. You've obviously got a strong brand. You've talked to us how big your online offer is. What's the view around creating a marketplace-type offer, or how do you think about this whole ecosystem approach? You obviously sold off your credit card a number of years ago. What are you thinking around the opportunity to leverage brand? My view is, to your point, brand trust has gone through the roof through this period, and it's really an opportunity to leverage it and look at right to play category, stretching the brand. Have you got any plans in place around that? How are you thinking about that? Well, I alluded to it sort of in the final wrap-up that MYER one and myer.com are completely undervalued. If myer.com was a separate company, it would be valued at somewhere between AUD 1 billion and AUD 1.5 billion, probably. We think there's inherent value in our online business and also myer.com, sorry, MYER one. We haven't truly monetized it yet. If you look at what Virgin did, what Affinity did with Virgin's Velocity program before they sold it back to them, they doubled the membership base from five to 10. We're at those sort of numbers. I think we see there's a real opportunity. To us, we are a marketplace. That's why we talk about being a data-led and digital-driven business because we will finesse and data mine what our customers want and make sure that we can give them what they want when they want it and create value over the lifetime of that customer. That'll be through MYER one, it'll be through myer.com, and it'll be through the right size stores. That will be our plan. We are a marketplace. That's it. Department stores were always marketplaces to begin with, if you think about the definition of marketplace. For us, the whole of our company is a marketplace, and that's what we're aiming at and we'll be investing in. That's great. Thanks, John. Cheers. Thank you. Thanks. Thank you. Your next question comes from Mark Wade with CLSA. Please go ahead. John, thanks for all that. The comments in around MYER one and the online business, is there any truth to some of that market chatter about those parts of the business being spun off? We haven't discussed it as a board. Okay. Turning it to, I think over the last couple of years, you've had this wonderful increase in online sales. Stores have been a bit weak. You've added new MYER one customers. Overall, what's really happened to the total customer counts over that period, aside from any kind of churn shifts or MYER one sign-ups? Do you think you've been able to actually attract new customers or is it still an issue being able to get new blood in the doors? No. We saw that during lockdown last year where we've got a lot of new customers come in. Interestingly enough, it was both ends of the spectrum, if you like. We had older customers who were totally used to shopping in stores, suddenly discovered online isn't that difficult. Our total active customers have increased overall, particularly in the last 18 months, despite the lockdown. We have absolutely attracted new customers. I think one of the things is when you go in and search Ralph Lauren or you search whatever brand, we have most of those brands that people want. Particularly in beauty wear, we've had a very strong period with new beauty brands. Okay. Lastly, the online business, I know it's cycling a really big comp in the second half of last year, but looks like growth stalled in the second half of FY 2021. Is it just a cycling and stores reopening? What do you put that down to? Yeah. It's a mix of that. As I said in one of the earlier slides, what we've seen is that the two businesses complement each other. As soon as stores are shut, online takes off, particularly when we get a lockdown that's over a week. We've seen that through the period, and we're seeing it right now. As soon as stores open, people are desperate to get out of the house, as I'm sure everyone is right now, whether you're in Victoria or whether you're in New South Wales. It reflects between the two. We are anniversarizing from store perspective, lockdown. We've got significant growth from last year. The problem is trying to compare things, as Nigel said earlier, trying to break things down. It's like trying to nail a jelly to a wall. Yeah. What you could do is get through. That's not answering the question. The business flips and flops in terms into online or into stores, depending on whether we're in lockdown or out of lockdown. I think until we get out of lockdown and we can get a pandemic strategy that isn't a one-trick pony, which is lock everybody down all the time, I think we'll have more opportunity to see how things are normalized. The thing for us is we're multi-channel. We follow our customer and deliver to our customer on their terms. The great thing is for us is that we're able to flex between the two. If you're online only and don't have stores, or if you have stores and not online only, you will be missing out. I think the example of that in the U.K. was Primark coming out with their numbers the other week. I think those stores only. For us, multi-channel, we're there for our customer. They can shop however we want. Then the other thing as well is when you think that nearly 70% of our sales go through MYER one, that bit there provides the sort of stickiness, if you like, in terms of they stick with us and shop with us. Overall, I think there's been some really interesting points you've made and good improvements in the business over the last couple of years. Well done and keep it going. Thank you. Thank you very much. Thank you. Your next question comes from Shaun Cousins with UBS. Please go ahead. Oh, hi. Thanks. Good morning, John and Nigel. Just a further question regarding online. Can you just talk a little bit about, I guess it goes to that sort of commentary around the possibility of spinning out online, and I think we've seen that happen in Canada and the like. Maybe just how important are the stores for your online business, particularly maybe to what proportion sales click and collect versus delivery? Is it a different customer that is shopping with you online on stores or do you have a significant overlap, please? Morning, Shaun. I think, look, COVID doesn't help because it distorts the behavior between stores and online. That's just the caveat I'd say around this, because we haven't been in normal trading conditions for at least 1.5 years now. The best customers we have or the most valuable customers we have are those that shop in-store and online. We know that 70% of our store purchases start with a visit to our website. We know that from stores that we drive customers from stores to online, and we can see that through sales in stores and iPads. Click and collect is a smaller part of the business at the moment, but it fluctuates depending on the time of the year and what's going on. When the AusPost turns off deliveries, then click and collect goes through the roof. I think for us it's about having the flexibility to serve the customer whichever way they want. I think in terms of going forwards, we're more valuable having both. It's interesting you talk about Canada, Hudson's Bay, but it's all part of the same family, Saks, and I know them very, very well. They sort of talked me through that they both need each other. It's a symbiotic relationship between the two. That's why they've spun it out, the saks.com from the stores, but they still need the stores. The thing is, the saks.com business, for example, wouldn't be able to sell Oscar de la Renta dresses because it doesn't have a retail presence, so therefore they wouldn't get that range of product. Having the two allows you to really maximize what you can do with your business and also with your brand partners. I think the underlying issue that we have at the moment is we don't know what the new normal looks like. Very fair. Maybe sort of, I guess, a continuation of that question around what normal looks like. CBD has been an area of weakness in aggregate for retail. You've got CBD expiries, I believe, coming up in Brisbane and then Sydney. How are you thinking about the space, particularly, I think Sydney, you've got quite a lot of space and you're probably over rather than under-spaced in Sydney. How are you thinking about space ambitions in that area, and what could that mean for the business in terms of do you get access to potentially lower rents, or would it be a broader deal with, in that instance, Scentre Group that has Sydney as well as many other of your stores? I'm just curious around how you're thinking about your CBD space going forward. Yeah. We are in negotiations at the moment, so they are confidential. I think if you take our fundamental belief around space, it will be smaller. We believe we can do more with less. We have proven that in the numbers on Belconnen and Cairns and the other stores that we have downsized, and there is a lot more to come through. We do believe that we downsized Perth, we downsized Adelaide. Melbourne, we gave back the 2,000 sq m in The Emporium. You can expect more of the same with Brisbane and Sydney. Fantastic. Just finally, just in terms of if we think about your business, you've got access to tremendous brands in the beauty categories. You probably would like to emulate that in the apparel space there. How is the improved performance helping you get access to brands, particularly the ability to offer an online, offline solution for and a way to get a really good reach throughout Australia to key brand partners? You think about the success you've had with Polo. Does that make it easier for you to go after and get access to other brands that, particularly on an exclusive basis, that probably come with higher rather than lower margins? Yeah, it does help. The fact that the brands know we are brand builders, not brand takers. There's a difference between the two. We want the brands to build with us. We want the brands to partner with us. We will partner with them. We want their stores, their shop in shops within our stores to look like a standalone store of their own down the road if they had one. That's a really important key point. The other thing as well is our beauty business, which is incredibly strong. We've attracted Maison Dior, which is the first one in the Southern Hemisphere in Melbourne. They put that in about six months ago. We can attract the best brands. Now for us, there's a threshold from a price point perspective. We don't, as I said, always, in the times we've talked and done store visits. Our sweet spot is in that mid upper price point, not the luxury or the prestige. That's not for us. Got you. Okay. Thanks so much, John. Thank you. Thank you. There are no further questions at this time. I'll now hand back to Mr. King for closing remarks. Thanks everybody for listening in. Apologies for the radio silence, had a bit of a problem here. Anyway, please feel free to just call us and any questions you have, we're more than happy to follow up. Thanks very much. Have a great day. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.