Department store David Jones has continued its sales slide, with a consecutive decline in the fourth quarter of fiscal 2013.
Sales slipped 2.9 per cent on a like-for-like basis and 1.3 per cent overall, with total revenue at $449.8 million.
Full year sales were down 1.2 per cent to $1.847 billion, with comparable sales slipping by 1.8 per cent.
David Jones chief executive Paul Zahra said the company had focused on managing winter inventory throughout the fourth quarter.
“We also focused on full margin sales through initiatives such our 'United States of Accessories' campaign in late July and price reductions through our cost price harmonisation program,” he said.
“I am pleased to report that following 15 months of reducing the depth and breadth of our discounting, we believe we now have a promotional program which reflects the right mix of discounting versus full margin sales periods."
He said the duration of discounting in the fourth quarter had been reduced by 33 per cent compared to the same period in 2011.
Womenswear, beauty and accessories delievered sales growth, while menswear and childrenswear were broadly flat.
Total sales were adversely impacted by home categories, in particular electronics.
“Electronics has been a very challenging category for a number of years," Zahra said.
The department store expects a turnaround as part of its recently announced agreement with electronics retailer Dick Smith.
“In this environment we are focusing on managing those parts of our business that we can control, such as inventory, gross profit margins, and costs," Zahra said.
“Whilst this will ensure we are well placed to capitalise on any strengthening in consumer sentiment as it occurs, we expect that over the next 12 months trading conditions will remain challenging, with consumer sentiment continuing to be subdued and competitive pressure continuing."