Myer shares fall after $486m FY loss
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Shares in department store Myer have fallen to a two-month low after the embattled retailer reported a full-year net loss of $486 million.
The company's total sales for the 52 weeks to July 28 fell 3.16 per cent to $3.1 billion, and down 2.7 per cent on a comparable store basis.
Myer's shares were down 8.1 per cent to 40 cents at 1130 AEST.
The company has made an annual underlying net profit of $32.5 million, down 52.2 per cent on last year.
Second-half sales were down 2.4 per cent on a same-store basis, with Myer saying the result showed improvement in the second half of 2017-18.
The headline loss was weighed down by implementation costs and significant items of $541.2 million (pre-tax), $538.2 million (pre-tax) of which was recorded as part of the first-half results.
"When it became apparent to the board that the execution of the strategy was not going to deliver an improved financial performance, we made the decisive move to make significant leadership changes," he said.
In April, Myer's new chief executive, John King, announced 30 executive and senior management roles would be cut in its head office in a bid to reduce costs and strengthen connections with customers.
Mr King said the company was focused on marketing and improved products.
"With this customer in mind, we are making changes to our product ranges, store layouts, and online offering," he said.
"We have worked to influence how we will trade Christmas 2018."
No final dividend will be paid.
POOR SALES DRIVES DOWN MYER'S PROFIT
* Profit down 52.2 per cent to $32.5 million
* Sales fell fell 3.16 per cent to $3.1 billion
* No dividend paid