Myer Holdings Ltd (ASX:MYR) has posted a 5.2 per cent fall in first half earnings, and tipped that its full year result is expected to be lower.
The department store retailer recorded a net profit of $106.7 million in the 26 weeks to 29 January, in line with guidance but under the $115 million booked the same time a year earlier.
Total sales in the half year period came in at $1.7 billion, 3.5 per cent below the year before.
CEO Bernie Brookes says trading conditions in the second half are likely to remain challenging.
Mr Bookes has confirmed that Myer expects full year net profit after tax to could fall by as much as 5 per cent from last year’s figure of $169 million.
A fully-franked interim dividend of 11 cents has been declared.
Myer reported a net profit of $67 million in the 2010 financial year.
