Myer upgrades full-year profit guidance

The news: Department store chain Myer expects full-year net profit to rise up to 21% despite a slowing economy affecting performance in the second half.

The numbers: The retailer now expects net profit between $69 million and $73 million for the year ending 30 June, an increase of 15% to 21% from a year ago. Sales for the year increased 12.5% to $3.36 billion.

The context: Myer shares are up 42% over the last 12 months after the retailer posted its highest half-year profit in almost a decade in March. CEO John King said on Tuesday macroeconomic headwinds buffeted the retail sector throughout the second half but Myer continues to tightly manage costs, inventory and cash. It expects the ongoing uncertainty to persist in the current fiscal year.