David Jones FY profit slips

Retailer posts slight fall in both profit, revenue; says it is well-positioned to capitalise on any rebound in consumer confidence.

David Jones (DJS) says it is well-positioned to capitalise on any rebound in consumer confidence, but believes the year ahead will challenging.

In the year to July 27, David Jones posted a net profit of $95.2 million, a 5.9% fall on the $101.1 million in 2012.

In the same period, revenue was $1.845 billion, a 1.2% decline on the $1.867 billion in the previous year.

David Jones will pay a fully-franked final dividend of seven cents to shareholders on the register as at October 10.

Combined with its interim dividend of 10 cents, David Jones' total dividend for the year was a fully-franked 17 cents.

David Jones chief executive officer Paul Zahra pointed to the retailer's strong balance sheet, low debt, strong cash flows and its Sydney and Melbourne CBD flagship store properties.

“All of these factors will ensure we are well placed to capitalise on any strengthening in consumer sentiment as it occurs," he said.

"Nevertheless, we expect that over the next 12 months trading conditions will remain challenging, with consumer sentiment continuing to be subdued and ongoing competitive pressure."

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