Business

THE NEWS WRAP: Yet another quarterly sales decline for David Jones

Andrew Sadauskas /

David Jones has reported full year sales were down 1.2%, or 1.8% on a same-store basis, to $1.847 billion, with chief executive Paul Zahra warning of another tough year ahead.

 

The department store giant also reported sales have fallen for a third consecutive quarter to $449.8 million in the three months to the end of July, down 1.3% year-on-year and 2.9% on a same-store basis.

 

“Our brand is discretionary – we shine when consumer sentiment is terrific… but we don’t see any game-changers in the next 12 months,” Zahra says.

 

“We’re seeing that it’s going to continue to be tough. Even if there’s a change in government, we believe that consumer sentiment will remain the same because people will be waiting and concerned and wondering what particular policies may come through.”

 

Qantas is no longer in the red

 

Qantas is back in the black, reporting a full-year group net profit of $5 million, up from a $245 million loss year-on-year, with underlying profits before tax of $192 million, up from $95 million a year earlier.

 

However, underlying earnings in its domestic business before interest and tax fell to $265 million, partly due to a large 8% increase in capacity.

 

“We do believe that capacity has to moderate and it has done in the past and our forward outlook has us adding 1.5% to 2.5%,” Qantas chief executive Alan Joyce says.

 

PC shipments likely to fall 9.7% this year

 

Worldwide shipments of PCs are likely to fall by 9.7% this calendar year as consumers shift to smartphones and tablets, according to a new report.

 

The IDC report represents a major downgrade in analysts’ predictions for the sector, with a similar report in March predicting the decline would be just 9.7%.

 

The downturn in PC shipments is expected to continue into next year, while shipments of tablets are expected to grow 57.7% to 227.4 million units worldwide.

 

Overnight

 

The Dow Jones Industrial Average is up to 14840.95. The Aussie dollar is down to US89.23 cents.

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Andrew Sadauskas

Andrew Sadauskas is a former journalist at SmartCompany and a former editor of TechCompany.

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