David Jones Limited
(ASX:DJS) has posted a slight drop in sales in the third quarter, weighed down by a warm start to winter and more consumer caution.
In the three months to April 27, David Jones' sales came in at $391.1 million, a 2.2 per cent fall on the same period a year ago.
Like-for-like sales in the period fell 3.4 per cent to $386.2 million, down from $399.8 million in the third quarter of 2012.
Chief executive officer Paul Zahra says the retailer made the conscious decision to focus on GP margins, inventory and costs within the environment of ongoing cautious consumer sentiment.
Mr Zahra says high margin beauty, menswear and childrenswear departments delivered growth for the quarter, but overall sales performance was hit by a slide in electronics.
DJ’s posted a net profit of $73.5 million for the first half of the current financial year.
