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Annual Report 2012 Report Annual ANNUAL REPORT DAVID DAVID JONES 2012 ANNUAL REPORT 2012 For Corporate and Customer information please visit us at davidjones.com.au DAVID JONES LIMITED ABN 75 000 074 573 ACN 000 074 573 DJ1791_Annual Report.indd 1 12/09/12 3:18 PM CONTENTS Performance Analysis 1 GLOSSARY OF TERMS USED IN THE ANNUAL REPORT Chairman’s and Chief Executive Officer AASB Australian Accounting Standards Board and Managing Director’s Report 2 American Express American Express Australia Limited Five Year Financial Statistics 7 ASX Australian Securities Exchange Executive Committee 8 Board The Board of Directors of David Jones Limited Corporate Governance Statement 9 CODB Cost of Doing Business Corporate Sustainability Report 26 Company David Jones Limited Directors’ Report 38 Corporations Act The Corporations Act 2001 (Cth) Remuneration Report 45 Consolidated Entity David Jones Limited and its controlled entities, Financial Statements 71 as listed in note 30 to the financial statements Directors’ Declaration 127 David Jones David Jones Limited Auditor’s Independence Declaration 128 DRP Dividend Reinvestment Plan Independent Audit Report 129 EBIT Earnings Before Interest and Tax Shareholder Information 131 EPS Earnings Per Share Corporate Directory 132 FY Financial Year IFRS International Financial Reporting Standards NPAT Net Profit After Tax OH&S Occupational Health and Safety Trust David Jones Incentive Plan Trust 2012 ANNUAL GENERAL MEETING The Annual General Meeting will be held on Friday 23 November 2012 at 10.00 a.m. at On Seven at David Jones, Level 7, 86–108 Castlereagh Street, Sydney, New South Wales. The Notice of Meeting and Proxy Form are separate items accompanying this 2012 Annual Report. David Jones Annual Report 2012 1 PERFORMANCE ANALYSIS FY2012 FY2011 $m % of sales $m % of sales Sales 1,867.8 1,961.7 Gross Profit 699.8 37.5% 767.3 39.1% Cost of doing business 594.9 31.9% 568.5 29.0% Department Stores EBIT 104.9 5.6% 198.8 10.1% Financial Services EBIT 49.4 47.7 Total EBIT 154.4 8.3% 246.5 12.6% NPAT 101.1 5.4% 168.1 8.6% 168.1 170.8 Previous AGAAP David Jones Annual Report 2012 1 CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR’S REPORT Robert Savage Chairman Paul Zahra Chief Executive Officer & Managing Director The past year has been a difficult environment for retailers. Consumer sentiment remains depressed despite interest rate Dear Shareholders, cuts by The Reserve Bank of Australia. The continued financial uncertainty in Europe and the US and volatility in global equity On behalf of the Board and markets have contributed to a general feeling of uncertainty. In addition, the strong Australian dollar has contributed to price management of David Jones Limited, deflation and encouraged spending offshore. These macro we present our Company’s Annual economic conditions have inevitably impacted our Company’s financial performance. Report for the financial year ended 28 July 2012. We would like to OVERVIEW On 21 March 2012 our Company unveiled its Future Strategic take this opportunity to thank you, Direction Plan, which set out the Company’s strategy to deal with our shareholders, for your support structural changes in the retail sector and the challenging macro economic conditions. In addition the Plan set out the Company’s throughout the year. “blueprint” for future growth and focused on the Company’s transformation, growing our store network and strengthening our core business. Implementation of our Future Strategic Direction Plan has required significant investment in 2H12, which will continue into FY2013. The implementation process will take time, however, we are pleased to report that good progress has been made to date. David Jones Annual Report 2012 David Jones Annual Report 2012 2 3 FUTURE STRATEGIC DIRECTION PLAN The next components of the OCR roll-out will occur throughout FY2013 and will include the launch of the Company’s new mobile 1. Transformation store and the first App designed specifically for iPads, which will Omni Channel Retailing be a content rich publication with the ability to purchase online. It is our intention to be a major player in Omni Channel Retailing The Company will also introduce new functionality to its online (OCR) in the future and to provide our customers with the best site including a store booking tool to be used across all channels shopping experience and range of products regardless of which and all devices. Click & Collect, incremental delivery options, social channel they choose to shop from, be it online, in-store, mobile commerce and the option to purchase online from our gift registry application, social commerce site or a combination of these. will also be rolled out during this period. Since 21 March 2012 the Company has worked diligently to The establishment of the foundation of our OCR business and implement the foundation of its OCR business. During this period the launch of our new web store are important milestones in the focus has been on building the necessary scalable physical our transformation into a world class omni channel retailer. infrastructure, implementing the required integrated systems, We will continue to invest in our OCR channels to deliver realigning our processes and investing in our people. further enhancements. To support the Company’s vision of becoming a true omni channel Cost Price Harmonisation retailer, investment and resources have been allocated during the In a world where customers have increased price transparency year to build the required physical infrastructure. The Company’s through technology it is important that we ensure our pricing warehouse at Silverwater (NSW) has been significantly expanded is comparable to global prices. The Company is making good and upgraded to be the Company’s national fulfilment centre progress working with suppliers to achieve global cost price capable of supporting the turnover equivalent of a large suburban harmonisation and has had success in delivering retail price store. Co-located within the fulfilment centre is a new purpose reductions over the past six months across hundreds of SKUs in built production house containing studios, post production and categories such as Fashion, Beauty, Accessories, Shoes, Homewares copywriting facilities. In addition, a new customer contact centre and Electronics. Whilst the cost price harmonisation process has been established to handle customer enquiries. is complex and will take time, the Company is focussed on A new scalable IT platform consisting of a new content maintaining its gross profit margin percentage. management system, a new order management system and a Whilst these price reductions are pleasing, they do raise the issue new warehouse management system has been implemented. This of deflationary pressure on our business. Some of this deflationary platform has been fully integrated into the David Jones proprietary pressure has been offset by volume increases. We are undertaking systems giving the business one view of all products, pricing, a review of all categories with a view to maximising the space promotions and inventory across all channels. allocated to high margin products. The Company is on track to launch its new online shopping site Customer Service & Engagement by the end of October 2012. The new site will offer a significant increase from the 9,000 Stock-Keeping Units (SKUs) on offer under As various channels of retailing emerge and gain popularity, the previous legacy IT system. The number of SKUs on offer is retailers are increasingly competing internationally and customers’ planned to be 90,000 by Christmas 2012. expectations are increasing. As a result the Company is investing significantly in customer service and engagement. Initiatives During August the first stages of the Company’s new content implemented include: strategy were implemented with the launch of the new David Jones integrated blog called “Black & White”. A new blogging team has – Increased floor staff hours relative to sales; been established consisting of editors from Vogue, GQ and Inside – Introduction of 100 new floor staff supervisor roles; Out magazines. The Company has continued its move towards integrated marketing across all channels with a focus on digital – Introduction of 200 new “Style Advisor” and “Sales marketing including investment in digital display advertising, Search Specialist” roles; Engine Optimisation, the use of QR codes in press and catalogues – Continued investment in frontline sales training, improved and the launch of our presence on Pinterest and Instagram. performance reporting to sales staff and increased reward incentives for frontline staff. In addition, 45 new in-store events and promotions have been introduced to date. These include Miranda Kerr in-store appearance, Napoleon Perdis in-store appearance, Trunk Shows, Ginger & Smart Fashion Show, Harpers Bazaar Bridal event, Nicole Ritchie in-store appearance, Bobbi Brown Master Class and Cheese & Wine matching classes. David Jones Annual Report 2012 David Jones Annual Report 2012 2 3 CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR’S REPORT Investment in Technology 3. Strengthening the core business In addition to the investment in technology relating specifically to Best National & International Brands the Company’s OCR launch, the Company has commenced the The Company will continue to invest in and add to its brand pilot of its new Point of Sale (POS) system. The new POS system portfolio to ensure that its brand offering remains fresh, exciting will improve our customers’ service experience and significantly and new and reflects what customers want. In August 2012 the reduce transaction times. Importantly our new POS system has Company announced the introduction of 85 new brands into its multi-functionality and will play a pivotal role in our Company’s business taking the total new brands launched over the past 20 OCR Strategy. The Company has also appointed a preferred months to more than 220. New brands include Valentino, James provider for its new Workforce Management System and is Perse, Gary Bigeni, We are Handsome, Vivienne Westwood, undertaking a tender for a new Traffic Analytics System.
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