Friday 23rd September 2011 1 Comment
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Australian department store retailer David Jones (ASX: DJS) has been downgraded by two analysts after the company released its annual result. Merrill Lynch has cut David Jones to Underperform from Neutral and Credit Suisse has cut David Jones to Neutral from Outperform.
In the year ending 30 July 2011 (FY11) DJS reported sales revenue was $1.9 billion, down 4.4% on the previous year while Earnings before Interest and Tax (EBIT) was $246.5 million, down 1.1%.
Regarding the future DJS reports that “despite the immediate trading challenges we are excited about David Jones’ future. We have a good business model, a strong balance sheet, low debt and solid cash flows.”
DJS noted that the FY11 year saw consumer sentiment deteriorate significantly in second half, with a strong Australian dollar driving price deflation, which has impacted a number of its categories as well as increased outbound tourism.
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Recommendation sourced from Dow Jones Newswires and IRESS.
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