MYER FPO (ASX: MYR) continue to face very tough trading conditions.
Myer's Chairman Howard McDonald says that this is the toughest trading climate he has faced in 35 years of retail.
At the Annual General Meeting he announced that total sales for the full year were $3.2 billion – down 3.8 per cent on the previous year, "reflecting a very tough trading environment and weak consumer sentiment".
Net profit after tax was down 3.6 per cent on the previous year.
Going forward, the outlook is grim for Myer. Mr McDonald says there are no clear short-term indicators when consumer confidence will return to more normal levels.
The first quarter total sales of $681 million are down 3.5 per cent. Myer expects, assuming that trading conditions do not deteriorate further, sales will continue to be flat in 2012 and net profit after tax could be up to 10 per cent below 2011 figures.