Myer Annual Net Profit Down 13%

Australia's Myer Holdings Ltd reported a 13% drop in its annual net profit. Myer's net profit for the 12 months to July 28 fell to 139.4 million Australian dollars (US$145.9 million), versus A$159.7 million, in the year-ago period. However, analysts were expecting a profit of A$138.8 million. Myer's sales for the period dropped 1.3% to A$3.12 billion. The company also announced its plans to pay a final dividend of 9 Australian cents a share, versus 11.5 cents a share in the last year.