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Dick Smith's Best Mate Falls

By Oonagh Reidy | Tuesday | 24/09/2013

DJ's claims to have cracked the omnichannel game, as profits, sales fall.

David Jones FY 13 sales fell 1.2% to $1,8 bn, while comparable sales fell further - down 1.8% - "reflecting subdued consumer sentiment" and cutting discounting events and focusing on full margin sales. 

Gross profit margin was 38.3% was up 80bps on FY12. Gross profit rose $6.3 million, despite the dip in sales.

FY13 profit to July 27, were down to $95.2 million, as the high end store admitted FY13 retail was "challenging" with "aggressive discounting", particularly in the second half. 

This profit figure included a one off charge pertaining to the recently signed brand management deal with Dick Smith, who will develop glossy Audio Visual stores within the high end fashion retailer.  Excluding this charge profits would have been $101.6 million, up $0.5m on FY 2012. 

DJs said the brand management deal with Dick Smith addresses underperforming categories. The retailer also exited DVD, music and gaming categories during the financial year. 

CEO Paul Zahra declared success in transformaiton to a fully fledged multi channel operation with mobile, web and instore. 

"We have transformed our business from a 'bricks and mortar' retailer into an omni channel retailer and made significant progress in reducing retail prices of the international brands we stock through our cost price harmonisation program," he said. 

"In addition,we rolled-out new technology through our business;including a new point of sale system with stock search capability, traffic analytics and 'daily sales & productivity' reports for frontline staff members. 

However, DJ's expects the next 12 months trading will remain challenging, with "consumer sentiment continuing to be subdued and ongoing competitive pressure".

However, Zahra said "we are well placed to capitalise on any strengthening in consumer sentiment as it occurs". 

Shares rose 6.14% to $3.025 after the announcement today. 

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