Shares in Myer Holdings Ltd
(ASX:MYR) slumped to a record all-time low yesterday, amid increasing pressures on the retail sector.
Myer closed 2.23 per cent lower at $2.63 cents, after earlier having hit a low of $2.60.
While Myer listed at a price of $4.10 per share at the end of 2009, the department store retailer has continued to weighed down by weakening consumer sentiment.
Last month Myer warned its full year net profit after tax to could fall by as much as 5 per cent from last year’s figure of $169 million.
In the first six months of its 2011 financial year Myer’s net profit fell 5.2 per cent to $106.7 million.
