87 206
Fashion Jobs
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · CLERMONT
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · DACULA
KOHLS
Technical Project Manager, Remote
Permanent · MENOMONEE FALLS
NAVY EXCHANGE
Vending Operations Clerk PT
Permanent · FALLON
NAVY EXCHANGE
Director, Facility Design %26 Construction
Permanent · VIRGINIA BEACH
NAVY EXCHANGE
Buyer (Level i And Level II) - Various Categories
Permanent · VIRGINIA BEACH
SPECIALIZED
Brand Development Manager - Michigan
Permanent · LANSING
ECCO
Third Keyholder
Permanent · ELIZABETH
ECCO
Third Keyholder
Permanent · LAS VEGAS
ECCO
Sales Manager - National Accounts (Remote)
Permanent · LONDONDERRY
ECCO
Third Keyholder
Permanent · ROSEMONT
LULULEMON
Community Specialist | Summit, Springfield Ave
Permanent · SUMMIT
LULULEMON
Expeditor | Cherry Creek
Permanent · DENVER
LULULEMON
Community Specialist | Friendly Center
Permanent · GREENSBORO
NORDSTROM
Customer Service Representative - Hillsdale Shopping Center
Permanent · SAN MATEO
NORDSTROM
Retail Stock - Mercer Mall Rack
Permanent · LAWRENCE TOWNSHIP
NORDSTROM
Manager- Service Experience- Baton Rouge Mall Rack
Permanent · BATON ROUGE
NORDSTROM
Retail Stock - Sugar House Rack
Permanent · SALT LAKE CITY
NORDSTROM
Asset Protection - Agent - Aventura
Permanent · AVENTURA
NORDSTROM
Retail Stock - Northwoods Rack
Permanent · SAN ANTONIO
NEIMAN MARCUS
Business Manager Tom Ford, Beauty (PT, 35 Hours) - FT. Worth
Permanent · FORT WORTH
NEIMAN MARCUS
Sales Manager, Designer Rtw
Permanent · CORAL GABLES
By
Reuters
Published
Jul 13, 2011
Reading time
2 minutes
Download
Download the article
Print
Text size

Australian retailer David Jones sees sales, profit hit

By
Reuters
Published
Jul 13, 2011

July 13 - Australian retailer David Jones said it expects its profits to fall below analysts' expectations for the current year following a "dramatic and rapid" deterioration in trading conditions.

David Jones
David Jones - Young Designers new arrivals

The department store chain said it expected its after tax for the 2011 financial year which runs until the end of July to come in 6-7 percent under analyst expectations. Profits in the second half of 2011 were set to drop by 9 to 12 percent from the same period in 2010.

"The dramatic and rapid deterioration in trading conditions in Q4 2011 has been unprecedented," David Jones CEO Paul Zahra said in a statement on Wednesday.

David Jones forecast sales in the fourth quarter to fall by about 11 percent.

Profits after tax for the full financial year 2011 were seen declining by 0.5 percent to 2 percent versus a year ago, equating to between A$167.7 million ($177.8 million) and A$169.7 million, the company said in a statement.

Analysts had forecast net income of A$179.7 million for the full year ending July 2011, according to Thomson Reuters.

The company said it expects sales in first quarter of 2012 to suffer as well, dropping by 15 to 20 percent compared to the same period in 2011 with profits of A$84.5 million to A$90 million, but said it was premature to provide guidance on the second half of 2012.

David Jones' statement was a turnaround from its forecast in May, when the company said that if consumer demand continued throughout the fourth quarter, the company expected to see a 5 percent increase in profits in the second half of the year.

Australian retail sales unexpectedly fell 0.6 percent in May, the biggest drop in seven months and another sign of consumer caution, data earlier this month showed.

Shares in David Jones closed down 1.8 percent at A$3.91 on Wednesday, near a two-year low. The stock has fallen as much as 20 percent since April amid concerns about the retail and global economic outlook.

(Reporting by Rebekah Kebede; Editing by Lincoln Feast)

© Thomson Reuters 2024 All rights reserved.