Myer hit by profit drop

MYER is set to unveil a firsthalf profit plunge of at least 35 per cent as it battles falling sales and a push by its biggest shareholder to overthrow the board.

The embattled department store chain, which is reportedly considering former David Jones boss Paul Zahra as the successor to departed chief executive Richard Umbers, will announce the results today having already said it expects net profit to fall by between 35 and 41 per cent.