Myer has deteriorated further in 2018, with the company announcing that sales fell by 6.5% during its key stocktake trading period in January.
Myer anticipates 1H 2018 NPAT to be between $37 million and $41 million, excluding implementation costs, which have yet to be assessed.
Myer stated it did not anticipate an improvement in retail trading conditions during the second half, given the recent sales volatility.
Myer CEO Richard Umbers said the poor performance by the department store was due to the ongoing challenges in Australia's retail landscape.
"The significant deterioration in trading reflects ongoing challenging retail conditions with widespread industry discounting, a subdued performance of Myer’s Stocktake Sale and a continued shift in consumer behaviour characterised by reduced foot traffic and an increase in online shopping.
“Myer recognises the ongoing, challenging and competitive retail conditions and remains resolutely focused on improving foot traffic and sales across all channels during the second half including the need to remain competitive in key categories where we are facing the most competition.
“I am in no doubt that our heightened focus areas including online and productivity are correct for this low growth environment as evidenced by the strong growth in online sales in the first half."
Adding to the company's woes, Premier Investments took the opportunity to double down on its demands for an extraordinary general meeting, releasing a statement of its own.
"As Premier has said from the outset, the numbers don't lie. Today's numbers show that the disastrous sales and profit decline within Myer is accelerating.
"Myer is now in peril and shareholders must urgently unite to save the company and what is left of our investments. Premier will caucus with other significant shareholders in order to reconstitute the entire Myer Board.
"Following shareholder discussion, a Board comprised of a majority of independent Directors would be put to a proposed EGM of all shareholders."
Euromonitor International senior research analyst Hianyang Chan said department stores must continue to put in place new and innovative strategies to give Australians reasons to visit their stores.
“Despite efforts by the board to make Myer a leaner and more efficient retailer by focusing on fresh ideas to convince people to come-in-store and improving on omnichannel experiences, challenging trading conditions for department stores characterised by intense competition from digital channels making inroads into market share and subdued consumer sentiments meant that total sales for the embattled retailer remained below expectations.
"As foot traffic continues to fall at bricks-and-mortar stores, as shoppers are increasingly opting to buy online, the company’s decision to ditch their VIP season showing in favour of smaller events in select stores around the country that is targeted at specific consumer groups shows a willingness by Myer to experiment in different ideas in a bid to drive traffic back to their stores and hopefully reinvigorate sales."