Australian Shares News: David Jones (DJS)

Australian Shares News: David Jones (DJS)|ASX DJS|DJS StocksDavid Jones (ASX:DJS) is Australia’s second-largest department store retailer.

The company operates a chain of over 35 retail stores and primarily sells upmarket brands of clothing, accessories and homewares and David Jones-branded merchandise.

Like many other retailers, DJS has been one of the shares to sell in recent times due to challenging trading conditions hurting its sales.

Today DJS reported an FY11 net profit of $168.1 million, down 1.5% from FY10 but in line with the company’s guidance.

Sales were down 4.4% on-year, which DJS attributed to a tough retail environment.  The lower sales were offset by a lower cost of doing business.

DJS forecast no improvement in 1Q12 sales from the 4Q11, but reiterated its 1H12 guidance of a 15% – 20% fall in net profit.

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