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David Jones Limited (ASX:DJS) has posted a soft start to fiscal 2012 and confirmed it expects it’s profit to drop by 15 to 20 per cent in the first half.
The department store retailer's first-quarter sales declined in line with expectations to $414.3 million, down 11.2 per cent from the same time a year earlier.
On a like-for-like basis sales were down 11 per cent in the three months to the end of October, the fifth straight quarter of falling revenue.
CEO Paul Zahra advises trading improved in the past two months but continues to be negative on last year.
The company expects to generate most its first half profit in the second quarter when it will benefit from the Christmas and clearance trading periods.
In fiscal 2011 David Jones’ net profit fell 1.5 per cent to $168 million.
