Myer says the challenging retail environment, Cyclone Debbie and having fewer discounts crunched sales last quarter, with revenue across the department store falling by more than $20 million.
Total sales in the three months to March 31 were down 3.3 per cent to $653 million, Myer said on Thursday morning.
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Myer sales fall in 3rd quarter
The department store is blaming a challenging retail environment and severe wet weather for a drop in sales in the three months to March 31.
Sales were down 2 per cent without the impact of store closures, it said. The sales slump means year-to-date sales are down 1.3 per cent on the same period last year at $2.45 billion, and 0.3 per cent weaker for same-store sales.
Myer's share price was down 2.4 per cent at 98¢ in early trade on Thursday. The stock has fallen 17 per cent over the past month.
A research note from Credit Suisse analyst Grant Saligari predicting the arrival of TK Maxx and Amazon in Australia would "be all too much for Myer" sparked a sell-off of the stock on Monday.
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Myer chief executive Richard Umbers said the poor showing would not stop the department store from hitting its full-year guidance forecast in March.
"We have remained strongly focused on driving productivity, lifting efficiency and deducting our historic dependency on discounting, all of which have impacted the result," Mr Umbers said.
"While sales growth is integral to the New Myer journey, at this time we are focused on higher quality sales to maximise profitability."
Fashion brand sass & bide, which Myer bought in 2011, continued its weak trading and accounted for $1.5 million of Myer's third-quarter sales shortfall.
Online sales grew 36 per cent in the year to date and sales per square metre had improved 5.1 per cent since mid-2015, Myer said.
More to come