SYDNEY, March 17 (Reuters) - Myer Holdings Ltd (MYR), Australia's biggest department store operator by sales, said first half net profit fell 4 percent as it scrambled to cut overhead and cope with fierce competition online.
Net profit for the operator of about more than 60 high street stores was A$59.7 million for the six months to Jan. 23, down from A$62.2 million the previous year. Total sales grew 1.8 percent.
The Melbourne-based retailer nudged up its full year profit guidance to a range of A$66 million and A$72 million, from a range of A$64 million to A$72 million.
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