Department store giant David Jones’ half-yearly profit has fallen 13.5% to $73.5 million due to fewer sales and tough market conditions.
Sales brought in just over $1 billion – a drop of 0.7% since this time last year.
The profits of the upmarket fashion business were also impacted by an increase in spending as it continues to implement its “future strategic direction plan”.
The fashion and beauty categories delivered sales growth with the youth, luxury and Australian designer areas doubling their sales, but this was offset by declines in the home sector.
David Jones announced an interim dividend of 10 cents per share.
This article first appeared on LeadingCompany’s sister site, SmartCompany.