Myer chairman Paul McClintock said this morning that following a “subdued and volatile” trading environment in the lead up to the federal election in September there had been some signs of an improvement in consumer sentiment.

However, the chairman warned shareholders at the department store's annual meeting today that the retailer remained cautious about the year ahead given the continued economic challenges, as well as the disruptive impact of major refurbishments and higher costs that will hit the company in fiscal 2014.

"We welcome the election result and commentary from the new government about its desire to engage in a constructive dialogue with business" ... Myer chairman Paul McClintock. Credit:Angela Wylie

The benefits of these refurbishment programs and better trading conditions pointed to an uplift in the retailer's performance in 2015, Mr McClintock said.

The chairman said in his address that consumer confidence had risen since the federal election, evidenced by improved first quarter sales for Myer, but there was a lot of work to be done by the new government.