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Myer tightens belt to reach profit target

Business

Department store group Myer has tightened its full-year profit guidance after reporting a 4 per cent decline in its first-half profit.

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The struggling retailer said net profit for the 26 weeks ending January 23 fell to $59.7 million, with price markdowns helping to offset the impact of a lower Australian dollar.

Sales rose 1.8 per cent during the period to $1.79 billion, with comparable store sales up 3.3 per cent.

Myer, which launched a five-year turnaround plan in September, now expects full-year profit of between $66 million and $72 million, compared to its previous forecast of $64-$72 million.

The company will pay an interim dividend of two cents per share.

AAP

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