Department store chain Myer says it will close more stores and expects another difficult year ahead after its profit tumbled 80 per cent due to writedowns on the value of some of its fashion brands.

Myer on Thursday said comparable sales fell 0.2 per cent for the 12 months to the end of July, while total sales, which includes the impact of three store closures, fell 1.4 per cent.

The company's net profit slumped from $60.6 million in 2016 to $11.9 million - the weakest result since the retailer's sharemarket float in 2009 - marred by writedowns of its investment in the local arm of Topshop, which went into administration in May, and its fashion brand sass & bide.

Sass & bide's performance had been "below expectations", with sales down $10.9 million from 2016, and Myer said it was writing down the carrying value of the brand by $38.8 million. At the same time, Myer's $6.8 million stake in Topshop was obliterated.