Retailer Myer (ASX:MYR) is now expecting its first half 2018 net profit to be between $37 and $41 million on the back of weaker trading.
It comes as its total sales fell 3.6 per cent to $1.7 billion in the first half of FY2018.
The businesses CEO says, the significant deterioration came on the back of widespread industry discounting, its ‘subdued’ stock take sale, and of course the rise in online shopping and subsequent drop in its foot traffic.
The retailer’s shares are already trading near a 12-month low and today it’s acknowledged business conditions will not improve in the second half and this update will come as a disappointed to shareholders.
Myer is also assessing making an impairment.
Shares in Myer (ASX:MYR) are trading 8.91 per cent lower at $0.59