Myer shares are sliding on weak sales

The Myer Autumn 2017 Fashion Launch in Melbourne. Daniel Pockett/Getty Images

Shares in Myer fell hard after reporting flat sales for the first half of the financial year.

A short time ago, they were down 5.2% to $1.08.

Myer today posted a 5.3% rise in net profit after tax to $62.83 million but sales were down 0.5% to $1.78 billion.

Sales increased by 0.3% on a comparable store basis, below analyst expectations of around 2%. And second quarter sales dropped 1.3% to $1.06 billion, down 0.5% on a comparable store basis.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.