AUSTRALIA: David Jones H1 profit down 5%
- H1 net profit down 4.6% to AUD70.1m
- Revenue up 3.8% to AUD1.042bn
- Company still mulling merger with Myer
Department store retailer David Jones posted a slight decline in first-half net profit, despite a revenue increase, and said it was still considering a possible merger with rival Myer.
CEO Paul Zahra, who decided to stay on in the job earlier this month after previously saying he would quit, said David Jones had successfully transformed itself into an omni-channel retailer.
He added that the results were testament to the momentum the company’s strategic plan was gathering and said: “We have a robust business model with good growth prospects.”
Myer approached David Jones with a merger proposal in January and renewed its interest in February after an initial rejection from the David Jones board.
David Jones has appointed management consultant Port Jackson Partners to examine the potential synergies of a merger with Myer.
Meanwhile, Gordon Cairns has been appointed chairman, replacing Peter Mason, and director Leigh Clapham has resigned from the board with immediate effect.
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