Regardless of weak sales, Myer has upgraded guidance for underlying earnings and it has increased its shares to about 4%, challenging the weak market.
Myer is now expecting earnings before interest and tax for 2010-11 to be between $265 million and $272m, although previously it had forecasted $261m.
Chief executive of Myer's Bernie Brookes said "This performance is testament to the resilience of our business model and the passion and teamwork of our team members in the face of very tough trading conditions."
It has been reported that Myer's full year sales increased by 0.7% to $3.28 billion and its fourth-quarter sales were decreased by 1.4% to $815.8m as compared to last year.
In the fourth quarter, the trading environment remained very challenging, as there was weak consumer confidence on the back of consecutive interest rate increases and uncertainty in the global economy.
Shares of Myer increased by 3.74% in the late afternoon trading, adding 13 cents to $3.61 after having hit a high of $3.67.
Myer gave the impression that it had secured its sales base simply by discounting. It is clear that Myer has performed well despite the difficult conditions prevailing in the market.
