Home / Knowledge / News / Apparel/Garments / Department store David Jones delivers positive growth

Department store David Jones delivers positive growth

24
Aug '12
David Jones Limited (DJS) reported Total Sales for the fourth quarter (4Q12) of the 2012. Financial Year (FY12) being the period 29 April 2012 to 28 July 2012 of $455.8 million. This represents a decline of 1.3% on 4Q11 (Total Sales: $462.1 million). There were no differences between Total and Like-for-Like (LFL) Sales in 4Q12.

Total Sales for the year ended 28 July 2012 were $1.868 billion, which represents a decline of 4.6% on the prior year. On an LFL basis Sales in FY12 declined by 4.3%. Full details of the Company's Sales performance are set out in Annexure A.

David Jones CEO Mr Paul Zahra said, “In the quarter we decreased the duration of our Winter Clearance by two weeks. This is consistent with our strategy to reduce the length of our discount events and to focus on new inventory.”
 
The best performing categories in 4Q12 were Womenswear, Beauty, Menswear, Shoes and Accessories. The Home and Electrical categories continued to be challenging. On a State-by-State basis the best performing states in the quarter were Victoria, the ACT and Western Australia, all of which delivered positive growth. The Company’s performance in Queensland was adversely impacted in the quarter by the Toowong Village store refurbishment.
 
The Company also commenced the refurbishment of the Ground and Lower Ground Floors of the Elizabeth Street store (NSW) in July.
 
The Company has addressed the excess inventory issue it faced in FY12 and is well positioned with new inventory for the start of FY13.
 
Mr Zahra said, “Whilst trading conditions continued to be challenging throughout the quarter we did see a continued improvement in our sales tracking, with sales in 4Q12 down 1.3%.”
 
The Company reaffirms its guidance for the 2012 financial year of a 35% to 40% decline in PAT. Mr Zahra said, “We are making good progress in implementing our Future Strategic Direction Plan and look forward to updating the market on our progress at the time of our full year results in September. Whilst the trading environment remains challenging we have a strong business model, a clear business strategy, a strong balance sheet, good cashflows, ownership of our flagship Sydney and Melbourne CBD stores and the best national and international brand portfolio in Australia.”

David Jones


Must ReadView All

Pic: Shutterstock

Retail | On 9th Jul 2020

UK unveils 2nd part of 3-phase plan for economic recovery

Chancellor of the exchequer Rishi Sunak recently announced a slew of...

Pic: Brooks Brothers

Apparel/Garments | On 9th Jul 2020

Brooks Brothers files Chapter 11 bankruptcy proceedings

Brooks Brothers, America's oldest apparel company, recently announced ...

Pic: Shutterstock

Textiles | On 9th Jul 2020

Deeper recession forecast for EU economy

The European Union economy will see a deep recession this year...

Interviews View All

Abhishek Samdaria, Reflete

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Top executives, Textile industry

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Amardeep Singh, Orient Craft

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Fan Liyuan,

Fan Liyuan

Chinese company Jiangsu Yingyang Nonwoven Machinery, established in 1993,...

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Mirella Sardini,

Mirella Sardini

A leading manufacturer of automated machinery and equipment for the...

Daniel Kaye, RocketLife

Daniel Kaye
RocketLife

<div>RocketLife, an award-winning developer of breakthrough visual...

Giorgio Mantovani, Corman S.p.A

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mary-Cathryn Kolb, Brrr°

Mary-Cathryn Kolb
Brrr°

Atlanta-based private start-up Brrr° was founded in 2014 to develop...

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search