Aug 8 (Reuters) - Shares of Australia's Myer Holdings (MYR)...

Aug 8 (Reuters) - Shares of Australia's Myer Holdings (MYR) fell nearly 9% on Thursday and were on track for their worst day in a year, after the department store chain forecast a drop in annual profit amid what it called a difficult trading environment.

The stock declined as much as 8.9%, heading for its biggest one-day drop since Aug. 8, 2023 in heavy trade. More than 3.1 million shares had changed hands by 0348 GMT, compared with the 30-day average of 1.4 million shares.

Myer projected a net profit after tax between A$50 million and A$54 million ($32.76 million-$35.38 million) for 2023/24, a significant drop from the previous year's A$71.1 million, and sales of A$3,266 million, a near 3% fall.

The retailer, which operates 56 department stores across the country, cited challenging trading environment, store closures and inflationary cost pressures for its weak performance.

Executive Chairman Olivia Wirth said the underperformance of wholly owned fashion brands Sass & Bide, Marcs and David Lawrence also attributed to the parent company's bleak performance in 2024.

Olivia also noted progress in a strategic review of the business, as well as in exploring combinations with Premier Investments' (PMV) Apparel Brands. ($1 = 1.5265 Australian dollars)