Myer has reported a full-year net loss of $486 million.
Newly appointed Myer chief executive John King said shareholders deserved a better performance.
He said changes in product ranging, store layout and eCommerce offerings would put the retailer in a better position.
“We will be focused on delivery and execution, not promises.
“I am confident that with the successful execution of this plan, we will improve the performance of the business and delivery shareholder value.”
Since joining Myer in June 2018, King said he has completed a thorough review of the business.
This includes visiting 44 stores and meeting with customers, team members, suppliers, brand partners and landlords.
“Our plan is to put our customers first in everything we do. We are refocusing our efforts on marketing and our product offering. We know our customers want high quality, on trend products, at the right price, supported by great customer service.”
Myer's total sales for the 52 weeks to July 28 fell 3.16% to $3.1 billion, and down 2.7% on a comparable store basis.
The company made an annual underlying net profit of $32.5 million, down 52.2% on last year.
Second-half sales were also down 2.4% on a same-store basis, with Myer saying the result showed improvement in the second half of 2017/18.
The headline loss was weighed down by implementation costs and significant items of $541.2 million (pre-tax) of which $538.2 million (pre-tax) were recorded as part of the first half results.
Myer's shares were down 8.1% to 40 cents at 1130 AEST.