Myer has reaffirmed its anticipation for its net profit to grow between 5 to 10 per cent in the 2011 financial year.

“Assuming reasonable trading conditions and on the basis of our numerous growth initiatives, we anticipated NPAT in FY2011 will grow between 5 to 10 per cent,” the company said at its latest investors meeting.

So far, Myer reported that its total sales has increased by 5.2 per cent in this first quarter

“During the first quarter of FY2011 we cycle the strong comparative performance from the first quarter of FY2010,” the firm said.

Myer also noted that its growth phase is well underway with its Top Ryde store having opened in August, the first of 15 new store expected to open.

Moreover, the refurbishment of eight stores and the improvement of its online offering that currently stands at an excess of 7,200 SKUs are expected to drive further growth.

However, Myer warns that it will “experience one off costs associated with Myer Melbourne and POS totally circa $10 million”.