Myer said it would cost $32 million to overhaul the warehouse and the work would not be completed until 2026/27. Myer's statutory bottom-line result is still in the red, at a net loss of $211.2 million. (Bianca De Marchi/AAP PHOTOS) In the meantime, it is hiring a third-party logistics provider to begin in October handling online orders through the peak holiday period. Myer blamed the warehouse's problems for a big decline in its full-year earnings, also announced Tuesday. The retailer made $36.8 million underlying profit in 2024/25, down 30 per cent from the previous year - but its profit would have been flat if not for the issues at the national distribution centre, executive chair Olivia Wirth told analysts. Given the drop in profit, Myer elected not to pay shareholders a final dividend for the first time since 2021 after a 2.5 cent per share interim payout in March. Disappointed shareholders reacted by selling, sending Myer shares plunging 23.8 per cent to 48.7 cents, their lowest level since July 2022.