Myer shares are tanking after posting a big fall in profit

Getty/Gonzalo Arroyo Moreno

Myer shares fell hard in early trade after the retailer posted a bid drop in profit for the first half.

Net profit was down 23.1% to $62.2 million and sales were up 1.5% to $1.763 billion.

The shares were trading at $1.53, down more than 11%.

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