Myer has confirmed its net profit fell 14.3% for the year to June 30, with the department store also failing to give any guidance for the next 12 months.
The company confirmed net profit fell to $139.365 million, while total sales fell by 1.3% to $3.1 billion.
In a statement, the company said it expected current conditions to continue, although it hoped a bigger profit margin would help.
“The outlook is uncertain due to a continued tough retailing environment and subdued consumer confidence,” the company said.
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“Therefore Myer does not intend to provide sales or profit guidance to the market for FY2013.”
Shares had fallen nearly 2% to $1.81 after the announcement.
However, chief executive Bernie Brookes says the result is positive considering the tough conditions, and mentioned that like-for-like sales were positive in the last quarter.
“The highlight of this year’s result is the strong gross profit performance reflecting a number of key achievements,” he said.
“We delivered on the objectives of growing our Myer exclusive brands to 19% of sales, further reducing our shrinkage and markdowns, and improving our sourcing.”
Myer will continue to focus on its omnichannel plan.
Sigma announces small profit decline in first half
Pharmaceutical giant Sigma has announced a 2.1% decline in net profit for the first half of the year.
The company announced net profit was down to $27.9 million, with shares falling 2.17% to 67.5 cents after the announcement was made.
However, it announced a fully franked interim dividend of two cents per share.
“The board considered it appropriate to increase dividend payments compared with the corresponding period a year ago, as confirmation of the sound progress the company has made,”
Consumer inflation expectations steady
Consumer inflation expectations were unchanged in September, and remain within the Reserve Bank of Australia’s target band, according to the Melbourne Institute’s Survey of Consumer Inflationary Expectations.
The survey found the median expected inflation rate stayed at 2.4% during September.
According to the survey, the proportion of respondents expecting annual inflation to fall within the target band increased to 14.1%, from 15.9% last month.
The figure is below the 12-month average of 15.5%.
This article was first published on LeadingCompany’s sister site, SmartCompany.