Australian retail stalwart Myer reports worst annual profit since listing

Sydney

AUSTRALIA'S biggest department store operator Myer Holdings on Thursday posted its lowest annual profit since listing amid a seemingly unstoppable wave of competition, and warned that it was continuing to trade below expectations.

The retailer also matched the previous year's record-worst dividend and declined to offer earnings guidance as it asked investors to back a turnaround based on shutting stores and ramping up online sales.