Myer has revised its profit expectations for the year, citing market volatility.
Following continued weakness in retail conditions, particularly July, the department store anticipates net profit to be between $66 million and $70 million.
It previously advised the figure for fiscal 2017 would be higher than $69.3 million.
Myer CEO Richard Umbers said the market continues to remain challenging.
“The period of the June – July stocktake sale has traditionally been an important period of profit generation for Myer.
"This year we have executed a number of new init iatives to engage our customers, drive foot traffic to our stores and increase average transaction value.
"These initiatives have delivered positive results and have provided some mitigation against volatile and challenging trading conditions.
“We are responding to the challenging external environment in a way that preserves the integrity of the New Myer strategy that is built around customer service, engaging retail experiences and wanted brands, while continuing our focus on efficiency and productivity."