Myer is in its second year of a five-year $600 million turnaround plan which involves giving more space to popular brands while cutting back its own private labels.
Underlying net profit was A$67.9 million ($54.20 million) for the year to July 26, down 1.9 percent from A$69.3 million the previous year, Myer said in a statement.
Progress on restructuring the department store has proved slower than expected.
"The financial result isn't where we want it to be", chief executive Richard Umbers said after announcing the result.
Sales fell 2.67 percent for the year.
Myer has been a serial disappointment since it floated at $4.10 a share in 2009.
"We are obviously disappointed to have not reached our target of exceeding last year's NPAT. and that progress against our metrics that matter is slower than we anticipated", Mr Umbers said.
"In a highly competitive, fast moving industry where consumers' expectations and demands change rapidly, it is expected that Myer will continue to push to offer even leaner, faster responses to consumers' demands, embarking on innovative marketing campaigns and further enhancing their omni-channel offerings to improve customers' shopping experience".
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Myer said it would close stores in Colonnades in Adelaide, Belconnen in Canberra, and Hornsby in northern Sydney.
Myer reports sales in the first six weeks of FY2018 are below expectations, however, says the business is well placed for the upcoming and more significant trading periods of Spring Racing and Christmas.
The results failed to dampen investor spirits, however, with the company's share price up 2.5 cents, or 3.47 per cent, to 74.5 cents at 1115 AEST.
Fierce rival David Jones last month called out falling consumer confidence as a major factor behind its 0.7 per cent fall in full-year comparable sales. "In the year ahead we will be rolling out further initiatives, particularly in our strongly performing omnichannel business, in anticipation of a further wave of change in consumer and competitor behaviour", says Umbers.
In 2017, sales per square metre were up 3.7% compared to 2015.
Implementation costs associated with New Myer were $20 million (pre-tax) relating mainly to space optimisation, asset impairments and redundancy costs.