Myer Holdings Limited’s (ASX:MYR) net profit tumbled 23 per cent in the full 2014 financial year.
The department store retailer generated a net profit of $98.5 million, impacted by soft sales and higher labour and refurbishment costs.
Total sales slipped 0.06 per cent to $3.1 billion while comparable store sales grew 1.2 per cent over the year.
CEO Bernie Brookes says investment in the business adversely affected profitability as expected but Myer looks forward to the benefits being realised in the current financial year.
A final fully franked dividend of 5.5 cents per share has been declared, bringing the full year payout to 14.5 cents per share.
