Myer Holdings Ltd (ASX:MYR) has reported a 0.7% increase on full year sales to $3.23 billion for the 52 weeks to July 24.
The department store retailer reports sales in the fourth quarter were $815.8 million, down 1.4% compared to last year.
Myer says however, it expects earnings before interest, tax, depreciation and amortisation to exceed previous guidance of $261 million, forecasting a result of between $265 to $272 million.
CEO Bernie Brookes says the trading environment during the fourth quarter continued to be challenging, characterised by fragile consumer confidence, on the back of successive interest rate increases, global economic uncertainty and the Federal Government stimulus payments in 2009.
Mr Brookes advises Myer is now in a new phase a growth, with 14 stores planned to open over the next four years.
Myer reported a profit of $104 million for the year to 30 July 2009.
MYR Price at posting:
$3.64 Sentiment: None Disclosure: Held
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