David Jones has pointed to a significantly disruptive and difficult year, with major disruption from transformational initiatives and tough economic conditions as the reasons behind another reported drop in sales.
Total sales were 0.9% lower, with comparable sales 0.4% lower for FY18, however, sales improved progressively from mid-November, with H2 total sales up 2.2% and comparable sales up 2.7%.
The company has stated that it expects sales momentum to continue into the new financial year, adding that strong online sales growth of 21.4% which made up 5.3% of total sales were also a positive sign.
The business experienced significant change during the year, including the implementation of new merchandise and finance systems, the re-platforming of its online systems, the launch of the new food initiative, and the move of its head office from Sydney to Melbourne.
Gross profit margin increased 0.1% to 37.1%, despite increased promotional activity in the highly competitive market.
The company was also lifted by the strong performance of the Country Road Group, particularly from Witchery, Mimco and Politix, which was offset by poor performance in the Country Road brand itself.
Outside of sales, Woolworth's, owner of David Jones, revealed it would be pushing for further "cost control" within the two businesses, as it looks to recoup from its financial loses.