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David Jones Limited (ASX:DJS) has reported a 1.5 per cent fall in its 2011 financial year net profit, coming in within its guidance at $168 million.
The department store retailer has again blamed an extremely difficult trading environment for the result, but says it is rolling out new initiatives that hold it in good stead for the future.
Looking ahead DJs has reaffirmed guidance, forecasting a 15-20 per cent fall in profit after tax in first half of the 2012 financial year.
Last week rival retailer Myer Holdings Limited (ASX:MYR) also reported a fall in its full year net profit and forecast a 10 per cent profit drop in the year ahead.
David Jones has declared a fully franked final dividend of 15 cents, bringing the total payout for the year to 28 cents.
