The historic department store's share price fell 9 per cent on Monday after Credit Suisse slashed its price target in light of TK Maxx and Amazon's arrival on our shores.

While Australians can shop on Amazon's global platform, the US company is setting up local distribution centres that could open the door to faster delivery and a bigger range of product. Operations could be fully operational by the end of 2018.

But Mr Umbers dismissed doomsday predictions that had decimated Myer's share price, questioning whether Amazon would bring the services enjoyed by American customers to Australia.

"There's a new kid on the block and he's a big kid," he said. "What isn't clear yet is the nature of their offer here, the timing, the extent of their business distribution. So I think it's a fairly bold leap to make some of the conclusions that have been made in the marketplace.

"There is a vacuum of information about these new players and in the absence of hard, solid facts people draw conclusions on what the impact is going to be."

Amazon confirmed in April it would bring a full offer to Australia, but Mr Umbers said it was hardly news.

The "New Myer" turnaround strategy had been devised with the shift to online in mind, and included beefing up Myer's online and click-and-collect offers.

Competitors promising faster delivery - a key selling point of Amazon's full service - should try sending a parcel to Far North Queensland, Mr Umbers said.

On Thursday Myer revealed sales had fallen by more than $20 million in the third quarter to $653 million - a drop of 3.3 per cent - after it closed underperforming stores and had tried to wean itself off discounting, which Mr Umbers said artificially inflated sales.

"Our long-term resilience is best assured by ensuring our proposition is based on more than just price," he said.

Without store closures Myer's sales still fell 2 per cent in the quarter ending March 31, down 0.3 per cent for the year to date, which Myer said was also due to poor consumer sentiment and cyclone Debbie.

Despite the sales slump, Mr Umbers reaffirmed its guidance to returning to profit growth this year.

Citi analyst Bryan Raymond said he remained cautious about Myer's sales outlook, cost efficiencies would likely help it to meet guidance while less discounting would support profitability.

"Whilst retail conditions are unlikely to improve markedly near term, we are confident that management can manage profitability through efficiency gains and cost containment," Mr Raymond said.

Online sales grew 36 per cent in the year to date and sales per square metre had improved 5.1 per cent since mid-2015.

Myer's share price closed down 3.4 per cent at 98??. The stock has fallen 11 per cent since Monday.