Shares in Australia’s Myer Holdings (ASX:MYR) saw a significant decrease of up to 8.5%, dropping to A$0.65.

Amidst a gloomy macro-economic environment, the retailer’s trading update revealed expectations of ongoing instability.

The company has indicated additional implementation expenses related to store and distribution center shutdown costs are likely to be recorded in FY23.

Despite the unsure climate, the company also expressed optimism, forecasting a FY23 net profit after tax (NPAT) of between A$69 million and A$73 million, an increase from FY22.

The company suggests that the macroeconomic situation is influencing sales, profit margins, and operating costs.

Prior to this, its stock had increased by 4.4% this year up to the most recent close.

Myer Holdings (ASX:MYR) is a well-established retail company in Australia.