Myer Holdings Limited (ASX:MYR) has confirmed its annual guidance despite posting a soft start to the 2012 financial year.
The retailer posted a 3.5 per cent fall in total sales to $681.4 million. Like for like sales fell 5.1 per cent.
In the first quarter, Myer says its womenswear and youth divisions continued to be the strongest performers.
The company also advises that its website rebuild is underway and online sales continue to grow.
Assuming no deterioration in trading conditions Myer expects its full year sales to be flat and net profit to fall 10 per cent below its 2011 year result.
In the 2011 financial year Myer Holdings posted a net profit of $159.6 million, coming in slightly below 2010.
