Myer shares closed down 1.08 per cent after the department store issued no profit guidance and said it would shut its Fremantle store.
Myer today said it had made a net profit of $139.4 million in the 52 weeks to July 28, down 12.7 per cent from $159.7 million the previous corresponding period.
Myer warned in May its profit could fall by up to 15 per cent from the previous year.
Today, its shares rose in early trade before falling back sharply.
As investor sentiment turned, its shares fell six cents, or 3.25 per cent, to $1.785 but recoverded to close at $1.82, down 2 cents (1.08 per cent).
The company said it had not provided any financial guidance for the year ahead because of an uncertain outlook due to the tough retailing environment and subdued consumer confidence.
Myer also cut its fully-franked final dividend to nine cents a share, from 11.5 cents.
The retailer’s total sales for the year to July 28 fell 1.3 per cent from the previous year to $3.1 billion, while like-for-like sales were down by 2.0 per cent.
The company said its sales performance improved in the second half of its fiscal year, although they were still down 0.8 per cent from the previous corresponding period, on a like-for-like basis.
"It certainly has been a story of two half years, with the second half improving on the first half,” chief executive Bernie Brookes told analysts on Thursday.
Mr Brookes said Myer would focus on growing its gross profit margin, with strong cash flow generation underpinning a stable balance sheet.
He said that as part of Myer’s strategic plan, the company would focus on customer service with longer shopping hours, better training and more efficient rostering.
"It’s a process that will never end as we step up and compete on a customer service perspective,” he said.
The company would also continue to focus on its online offering, enhancing its merchandise and strengthening its loyalty program, Myer said.Myer will close the Fremantle outlet early next year, marking the end of a four-decade retail institution.The 70 or so affected employees would be redeployed to other Perth stores, Mr Brooks said.
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