Myer annual profit lowest since 2009

Australia’s biggest department store operator Myer Holdings Ltd yesterday posted its lowest annual profit since listing amid a seemingly unstoppable wave of competition, and warned it was continuing to trade below expectations. It also matched the previous year’s recordworst dividend and declined to offer earnings guidance as it asked investors to back a turnaround based on shutting stores and ramping up online sales. Myer’s underlying net profit fell 1.9 per cent to A$67.9 million (RM228.14 million), still its lowest since listing in 2009.