“Retail challenging” Sales, Profits Slump at DJs

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Sales slump 1.4%, as electronics sales continue to slide at high end retailerDavid Jones today reported sales were down 1.4% to $ 590.1 million for Q2 2013 –  28 October to 26 January 2013.

On a like-for-like basis sales also fell 1.4%, as there were no store openings or closures in the period.

DJ sales were adversely impacted by Home categories, in particular Electronics, said CEO Paul Zahra which “continued to be challenging and subject to ongoing deflationary pressure.

First half sales for the high end retailer were also down 0.7% to $1,003.8 bn.

Profit after tax for H1 2013 fell almost 14% to $ 73.5, compared to H1 2012. Earnings also fell 13.3% compared to Q1 2012.

David Jones’ CEO said “We are pleased with the performance of  our high margin  Fashion & Beauty  categories (such as Womenswear, Beauty, Menswear, Accessories and Shoes) which delivered sales growth in 2Q13 and1H13.”

“Our focus is on improving the profitability of our sales. We are exiting the low performing categories of DVDs, Music and Games We also continue to reduce the depth and breadth of our promotional discounting events and continue to work on changing our category mixto increase focus on higher margin categories,” Zahra said.

The high end retailer also cited the successful launch of a new webstore with~90,000 SKUS, mobile store, iPad App, and haid half of its international retailers have commenced harmonising prices

DJ’s Shares rose 3.38% to $ 3.06 today.

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