Sept 14 (Reuters) - Australia’s biggest department store operator Myer Holdings Ltd said on Thursday underlying annual net profit fell 1.9 percent as intense competition and soft retail spending took a toll.
Underlying net profit was A$67.9 million ($54.20 million) for the year to July 26, down from A$69.3 million the previous year, Myer said in a statement.
The result was at the lower end of the company’s earlier guidance of A$66 million to A$70 million.
Sales fell 2.67 percent for the year. ($1 = 1.2528 Australian dollars) (Reporting by Hanna Paul in Bengaluru; Editing by Byron Kaye and Stephen Coates)