SYDNEY, Sept 1 (Reuters) - Australia's Myer Holdings Ltd MYR.AX said on Tuesday it would raise money from shareholders to cut debt and invest in its department stores after posting a 21 percent fall in full-year profit.
Myer, which has been grappling with tough competition, a shift to online shopping and a sluggish Australian economy, posted a net profit excluding one-offs of A$77.5 million ($55.1 million), in line with its March forecast and analysts' estimates.
The country's largest department store operator said it would raise about A$221 million through a rights issue priced at A$0.94, a hefty 22 percent discount to its closing price on Monday. ($1 = 1.4063 Australian dollars)