David Jones

Like the ailing fortunes of that other famous Jones, the misery of retailer David Jones continues. Recently released full year results confirmed the torrid trading conditions facing retailers. Sales revenue fell 5% to $1.9bn whilst net profit collapsed by 40% to $101m. So much for former chief executive Mark McInnes’ claim that ‘David Jones’ business model is designed to deliver [profit] growth throughout downturns in the economic cycle’. Investors have fled the stock; David Jones’ share price is down 15% over the past year. So is it cheap enough to buy? In short, no. We estimate the company is...

Like the ailing fortunes of that other famous Jones, the misery of retailer David Jones continues. Recently released full year results confirmed the torrid trading conditions facing retailers. Sales revenue fell 5% to $1.9bn whilst net profit collapsed by 40% to $101m. So much for former chief executive Mark McInnes’ claim that ‘David Jones’ business model is designed to deliver [profit] growth throughout downturns in the economic cycle’. Investors have fled the stock; David Jones’ share price is down 15% over the past year.

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