DAVID Jones will steal the jump on competitor Myer
DAVID Jones will steal the jump on competitor Myer by as much as a
week in the department store sales wars when it launches its winter
Less than a week after reporting third quarter sales growth of 3.3
per cent, which lagged Myer's 7.9 per cent, DJs will seek to drive
sales in the heavy discount sales period from today, offering savings
of up to 50 per cent in the high-margin cosmetics and womenswear
A Myer spokesman said it was still aiming to start its winter sales "mid next week" and would not move it forward to match DJs.
DJs boss Mark McInnes last week dismissed questions about the
significance of the company's slower sales growth, saying he was
focused on the "quality" of sales and noting Myer's strong
third-quarter sales results last year were accompanied by a heavy
But analysts say if DJs can maintain its third quarter momentum it will easily exceed its profit guidance.
Getting the jump by as much as a week could boost DJs' chance of
pleasing the market with a better than expected full-year result before
facing a rejuvenated Myer under new owner Newbridge Capital. Both
chains surprised last year by launching winter clearance sales before
winter had even begun as warm weather and slowing sales left both
chains with excess stock.
Smaller specialty retailers, including Country Road, have already begun their sales.
Myer's spokesman said the sale's timing was "a business decision" and taken in isolation from the sale process to Newbridge.