Myer (ASX:MYR) has posted an annual profit of $67.2 million for the year to 31 July, dragged down by the cost of its initial public offering in November 2009.
The result represents a 38.2 per cent drop from the year before.
Net profit before one offs increased to $163.5 million, up from $108.8 million last year.
Earnings before interest and tax, before the IPO cost were $270.3 million.
CEO Bernie Brookes says the retail environment in the year was very challenging, characterised by global economic uncertainty and fragile consumer confidence.
Myer has declared a fully franked final dividend of 11.5 cents per share and looking ahead has forecast net profit growth of between five to 10 per cent in fiscal 2011.
For the six months to 23 January 2010 Myer reported a net profit of $21.29 million.
MYR Price at posting:
$3.98 Sentiment: None Disclosure: Held
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