Myer has suffered a $172.4million loss as the coronavirus pandemic cripples the 120-year-old department store brand.
Total sales fell by almost 16 per cent in the year to July 25.
In March, Myer closed its 60 stores and stood down 10,000 staff - leading to a surge in online sales.
The department store chain told the Australian Securities Exchange on Thursday this was 'one of the toughest decisions Myer has faced in its 120 years of operation'.
The majority of stores remained closed throughout April and May.
Myer has suffered $172.4million losses as the coronavirus pandemic takes its toll on the department store
Myer chief executive John King confirmed his company received $93million worth of $1,500 a fortnight JobKeeper wage subsidies from taxpayers and had begged shopping mall landlords for rent relief as stores were closed.
'When the COVID-19 pandemic first hit, as a board and executive team, we acted to prioritise the health and wellbeing of our customers, team members, and the broader communities in which we operate,' he said.
During Myer's last financial year, total sales dived 15.8 per cent to $2.519billion reflecting the widespread store closures.
In March, Myer closed its 60 stores and stood down 10,000 staff - leading to a surge in online sales. Pictured are models Rachael Finch and Kris Smith in at the Myer Spring Fashion Lunch at Flemington Racecourse in September 2019
Online sales, however, increased by 61.1 per cent to $422.5 million.
The increase in the second half of the financial year, covering February to July, was even more dramatic at 98.8 per cent, compared with the same period in 2019, as shoppers ordered more over the internet while stuck at home in lockdown.
The results were released a day after former Myer chief executive Bernie Brookes announced he made bought a 90 per cent stake in handbag and jewellery retailer Colette by Colette Hayman.
Under his management, 103 stores will be closed - taking the number down from 138 to 35 - as the retailer pivots to having a greater online presence as it is brought out of voluntary administration.