Department store Myer has taken a hit for the financial year.
Myer has reported a net profit of $98.5 million for the 12 months to July 26, down from $127.2 million last year.
The 22 per cent profit slide was backed with flat total sales of $3.14 billion.
However, Myer attributed the sales result on refurbishment work at four stores and the closure of a further two.
Comparable sales, which exclude the impact of the refurbishments and closures, were up 1.2 per cent for the year and 2.1 per cent for the fourth quarter.
In addition to expected growth in online sales, Myer will commence rolling out iPads for customers in-stores.
The iPads will give consumers access to an expanded range of products.
Myer is also aiming to improve profit margins through supply chain improvements and growth in its exclusive brand portfolio.
CEO Bernie Brookes said the completion of refurbishment works should see a stronger sales result in fiscal 2015.
“It is pleasing that the business was able to maintain total sales despite the disruption arising from four of our top 25 stores being under refurbishment and two store closures, highlighting our ability to successfully execute our strategy,” he said.
“It was particularly encouraging to achieve comparable store sales growth of 1.2 per cent for the year and 2.1 per cent in the fourth quarter given subdued consumer sentiment following the federal budget as well as unseasonably warm weather during the second half.”