Myer first quarter sales fall

Australia's department store chain Myer Holdings on Wednesday reported a 3.5 percent fall in the first quarter sales, but it said its full-year net profit guidance remains unchanged. Myer said sales for the 13 weeks to October 29 were 681.4 million AU dollars (706.75 million U.S. dollars), down 3.5 percent compared to the corresponding period in 2010. On a like-for-like basis, sales were down 5.1 percent compared to the previous year. Myer Chief Executive Bernie Brookes said the result was in line with Myer's expectations. "Pleasingly, as the quarter progressed, sales gradually improved against last year," Brookes said in a statement on Wednesday. The company's full year guidance remains unchanged, Myer said. Assuming no deterioration in trading conditions, Myer expects fiscal year 2012 sales to be flat and net profit to be up to 10 percent lower than the previous year's net profit of 162.7 million AU dollars (168.75 million U.S. dollars).