Update: In a statement, a spokesperson for Premier Investments said that Myer shareholders should be prepared for further profit downgrades in Q4.
"On today's evidence that Myer's extreme discounting program has failed to arrest its sales decline, Myer shareholders should brace themselves for yet another profit downgrade during the fourth quarter.
"Myer has been selling dollar notes for 50 cents and it's still not working to improve sales, but shareholders will yet again be left to pick up the tab when Myer announces its disastrous full year loss."
Myer has announced a 49.4% increase in online sales across the quarter as part of its Q3 FY2018 financial report.
Online sales for the quarter reached $35.9 million with online sales for the year to date announced at $141.1 million, up 49% for the year.
However, the positive online numbers came amidst falling total sales numbers for the quarter with Myer announcing a 2.7% drop in total sales down to $635.3 million.
For the year to date, the business announced total sales of $2.35 billion, down 3.4% on the previous year's total sales.
Myer executive chairman Garry Hounsell said the business struggled with sales in the quarter due to the unseasonably warm start to winter but highlighted online as a point of future investment for the group.
“In February, we announced a renewed focus on product, price and customer service which delivered encouraging results during March.
“However, as reported by a number of other retailers, the unseasonably warm start to winter has impacted sales, particularly in winter apparel, shoes and accessories which may impact profits in the fourth quarter.
“The continued strong performance in our online business is pleasing and we will continue to invest in growing this business.”