Myer's net profit has fallen 8.7 per cent to $127.2 million for the financial year - but that hasn't stopped it from acquiring cult brand sass & bide.
Myer has taken full ownership of the brand and acquired the remaining 35 per cent of shares in the business.
The acquisition price is expected to be approximately $30 million and will be funded through existing facilities and cash flow.
Myer chief executive Bernie Brookes said the brand had achieved double-digit sales and profit growth for fiscal 2013.
“Since Myer acquired a 65 percent stake in the business in February 2011, sass & bide has delivered a consistently strong performance, growing sales by 45 percent and profit by 112 percent over the period.
“We thank outgoing director Daniel Besen for his contribution and look forward to continuing to work with the entire sass & bide team,” he said.
The sass & bide management team has been strengthened by the recent appointment of ex-Myer executive Megan Foster to the role of managing director.
She will manage the business in conjunction with David Briskin, who has been promoted to executive chairman.
The process of valuation and settlement will be completed in coming weeks.
Myer blamed high operating costs in the Australian market for its fall in profit this year.
Total sales revenue was $3.145 billion, a 0.8 per cent increase on the $3.119 billion recorded in the previous year.