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David Jones Limited’s (ASX:DJS) annual net profit has dropped in line with its guidance, plunging 40 per cent to $101 million in the 2012 financial year. 

The department store retailer’s sales dropped 4.8 per cent in the same period, despite the pace of decline slowing over the year. 

DJs believes the result reflects a difficult trading environment and the investment it has made into its Future Strategic Direction Plan. 

CEO Paul Zahra says the company has made significant progress in implementing strategic plan and is well positioned to leverage any upturn in the cycle. 

David Jones has also revealed it will review four of its retail assets in central Sydney and Melbourne.

A final fully franked dividend of 7 cents per share has been declared, down from 15 cents declared last year.