Myer boss Richard Umbers has taken a $150,000 pay cut after his department store chain fell short by delivering an 80 per cent drop in full-year net profit.

Umbers’ statutory remuneration for 2016/17 was $1.74 million, down from $1.9 million a year ago, with the cash component of his pay unchanged at $1.18 million, but no short-term incentive paid after Myer’s net profit missed performance targets.

The Myer boss’s take-home pay for the year was $1.42 million in actual remuneration, a figure that includes short term incentive payments relating to the company’s 2016 performance but was paid in 2017.

On Thursday the retail company also announced its plans to close a further three stores, Colonnades in South Australia, Belconnen in the ACT, and Hornsby in Sydney’s north, as it struggles to turn around sluggish sales amid weak consumer spending and growing industry competition.

The department store giant revealed a 1.9 per cent drop in underlying profit to $67.9 million and a 2.67 per cent fall in total sales to $3.2 billion for the year.

It made just $11.94 million in statutory net profit for the 52 weeks to July 29, down 80.3 per cent on the previous 53-week year, blaming a $13.9 million cost hit and significant items of $42.1 million.

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