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Myer still expects 5% profit decline

Myer still expects 5% profit decline

Shares in Myer Holdings (ASX:MYR) slumped 6.42% on Thursday after the company revealed it was still expecting a profit slump for FY11.

The company maintained its guidance – as given in may following a 2% drop in Q3 sales - of an up to 5% decline in profit for the financial year.

Myer earned a net profit of $169 million in FY10. The company said its guidance for FY11 assumes no further deterioration over Myer's final two weeks of financial year trading.

The company started the financial year with a 5.2% 1H profit slide, and appears to have fared no better in the second half.

Trading was impacted by the current fragile state of Australian consumer confidence.

MYR shares fell to $2.480 by close of trading on Thursday, a far cry from the six-month peak of over $3.700 in February.

The company will report its full-year results in mid-September.

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Tags GuidancemyerretailASX:MYRconsumer confidence

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