Rugging up for a bleak DJs winter

Department store operators face a daunting challenge in the medium term, and David Jones in particular faces some very tough times as the sector experiences radical and costly change.

David Jones appears to have adopted the view that if it has bad news to share with the market it might as well get it all out, unvarnished, at once. That is what it did today when it announced a sharp fall in profit, an even nastier full-year earnings downgrade, a dividend cut and a bleak medium-term outlook.

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