Myer Holdings Limited (ASX:MYR) has posted a fiscal 2011 net profit slightly below last year, but warned it expects a 10 per cent fall in fiscal 2012.
The department store retailer has blamed "extremely challenging" conditions for a full year net profit of $162.7 million, compared to $168.7 million achieved the year before.
In fiscal 2011 total sales dropped 5 per cent to $3.2 billion. Myer expects flat sales in the year ahead.
The forecasts are made with the assumption that trading conditions do not deteriorate further.
Myer has declared a fully franked final dividend of 11.5 cents, taking the full year payout to 22.5 cents.
