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ANNUAL REPORT for Personal Use Only Use Personal For DAVID JONES DAVID ANNUAL REPORT 2011 REPORT ANNUAL ANNUAL For Corporate and Customer information please visit us at davidjones.com.au REPORT For personal use only 2011 DAVID JONES LIMITED ABN 75 000 074 573 ACN 000 074 573 DJ0813 Annual Report-R.indd 1 29/09/11 6:08 PM CONTENTS Performance Analysis 1 GLOSSARY OF TERMS USED IN THE ANNUAL REPORT Chairman’s and Chief Executive Officer’s Report 2 AASB Australian Accounting Standards Board Five Year Financial Statistics 7 American Express American Express Australia Limited Board of Directors 8 ASX Australian Securities Exchange Management Committee 10 Board The Board of Directors of David Jones Limited Corporate Governance Statement 11 CAGR Compound Annual Growth Rate Corporate Sustainability Report 26 CEO Chief Executive Officer Directors’ Report 36 CODB Cost of Doing Business Remuneration Report 40 Company David Jones Limited Financial Statements 60 Corporations Act The Corporations Act 2001 (Cth) Directors’ Declaration 118 Consolidated Entity David Jones Limited and its controlled entities, Auditor’s Independent Declaration 119 as listed in note 29 to the financial statements Independent Audit Report 120 David Jones David Jones Limited Shareholder Information 122 DESP Deferred Employee Share Plan, as described in section 4 Corporate Directory 124 of the Remuneration Report DRP Dividend Reinvestment Plan EBIT Earnings Before Interest and Tax EC Employment Cost, as described in section 4 of the Remuneration Report EPS Earnings Per Share FY Financial Year IAS International Accounting Standards IASB International Accounting Standards Board IFRS International Financial Reporting Standards KMP Key Management Personnel, as described in section 2 of the Remuneration Report LTIFR Lost Time Injury Frequency Rate LTI Plan Long Term Incentive Plan, as described in section 4 of the Remuneration Report NPAT Net Profit After Tax OH&S Occupational Health and Safety STI Scheme Short Term Incentive Scheme, as described in section 4 of the Remuneration Report 2011 ANNUAL GENERAL MEETING For personal use only Trust David Jones Incentive Plan Trust The Annual General Meeting will be held on TSR Total Shareholder Return, as described in section 4 Friday 2 December 2011 at 10.00 a.m. at the of the Remuneration Report Wesley Conference Centre, 220 Pitt Street, Sydney, New South Wales. The Notice of Meeting and Proxy Form are separate items accompanying this 2011 Annual Report. David Jones Annual Report 2011 1 PERFORMANCE ANALYSIS FY2011 FY2010* $m % of sales $m % of sales Sales 1,961.7 2,053.1 Gross Profit 767.3 39.1% 815.7 39.7% Cost of doing business 568.5 29.0% 610.9 29.8% Department Stores EBIT 198.8 10.1% 204.8 10.0% Financial Services EBIT 47.7 44.4 Total EBIT 246.5 12.6% 249.2 12.1% NPAT 168.1 8.6% 170.8 8.3% *Note: FY2010 was a 53-week year 47.7 44.4 † 41.3 5.24 2.098.0 2,053.1 38.4 5.04 4.99 1,985.5 1,983.2 1,961.7 4.88 36.1 4.72 07 08 09 10 11 07 08 09 10 11 07 08 09 10 11 Five year sales Sales per square metre Financial Services EBIT To tal sales ($ millions) ($ thousands) ($ millions) †Refinement of FY2009 to reflect monthly space availability for refurbishment work relating to the Bourke Street store 170.8 168.1 156.5 30 28 28 137.1 34.0 27 33.0 32.3 31.5 31.2 30.3 29.8 29.0 28.4 22 109.5 24.6 07 08 09 10 11 07 08 09 10 11 09 07 08 09 10 1109 07 08 09 10 11 09 For personal use only PreviousDividend AGAAP history Previous AGAAPEPS NPATPrevious AGAAP CODB (cents per share) (cps) ($ millions) (Percentage of sales) Earnings used refers to underlying earnings NPAT refers to underlying net profit after removing the one-off impacts of the after tax after removing the one-off profit from the sale of the Bourke Street impacts of the profit from the sale Home Store in FY2008 and the unwinding of the Bourke Street Home Store in of the Sale and Leaseback transaction in FY2008 and the unwinding of the FY2007, the full details of which are disclosed Sale and Leaseback transaction in in the Company’s Annual Report for the FY2007, the full details of which are relevant year. disclosed in the Company’s Annual Report for the relevant year. David Jones Annual Report 2011 1 CHAIRMAN’S AND CHIEF EXECUTIVE OFFICER’S REPORT Robert Savage Chairman Paul Zahra Chief Executive Officer This has been an extremely difficult year. As has been well documented in the media, consumer sentiment deteriorated Dear Shareholders, significantly in the second half of the 2011 financial year (particularly in the last few weeks of trading) and this has inevitably impacted On behalf of the Board and our Company’s financial performance, as has continued price deflation in a number of our product categories. management of David Jones Limited, According to a Westpac Banking Corporation and Melbourne we present our Company’s Annual Institute survey undertaken during the period 1 August to 6 August Report for the 2011 financial year 2011 Australian consumer sentiment has experienced its longest sustained decline, since the start of the global financial crisis in early ended 30 July 2011. To start, we thank 2008. you, our shareholders, for your support This decline in consumer sentiment and the resulting high levels throughout the year and for entrusting of personal savings have been influenced by: us with stewardship of the iconic – the Reserve Bank of Australia increasing interest rates seven times (in the period October 2009 to November 2010) to David Jones brand. one of the highest levels in the developed world; – natural disasters locally and abroad; – financial uncertainty in Europe and the US; and For personal use only – significant declines in the equity markets. David Jones Annual Report 2011 David Jones Annual Report 2011 2 3 In addition, a much stronger A$ has contributed to price deflation New Point of Sale System and encouraged spending offshore. We are progressing well with our new Point of Sale (POS) system. Within this environment the Company saw its total sales growth We are in the final stages of selecting a new POS solution, the (on an Adjusted Calendar Weeks Basis) rates drop from +1.2% roll-out of which is scheduled to occur from the second half of in 1Q11 to -10.3% in 4Q11 compared to the same periods in calendar 2012. The new POS system will improve our customers’ FY2010. This dramatic drop is unprecedented in the Company’s service experience and significantly reduce transaction time. In recent history. addition, our new POS system has multi-channel functionality and will play a pivotal role in the Company’s multi-channel strategy. In this environment our focus has been on: New stores 1. managing our costs and inventory (without impacting our customer service principles); and On 17 February 2011 we opened our new, redeveloped Claremont Quarter (WA) store with 85% more selling space. 2. investing in key areas of the business that will deliver growth David Jones is the only department store in the Claremont centre, and position the Company well in a changing retail environment. which is one of Australia’s most affluent catchments. We are pleased with the performance of this store since its re-opening. HIGHLIGHTS Despite the challenges facing our business over the past 12 months On 23 February 2011, we announced that we have entered into we made a conscious decision to invest in initiatives that would a 20 year Agreement for Lease to open a brand new, full-line secure our Company’s long term success. There have been a 14,000 square metre David Jones department store in Highpoint number of significant highlights that we are pleased to report. Shopping Centre in Victoria. The David Jones store will anchor These are summarised below. the development of a new fashion wing at the north-eastern end of the existing Highpoint shopping centre which will comprise Launching our online site approximately 100 new specialty stores and an additional 1000 It is our intention to be a major player in multi-channel retailing in car spaces. Construction of the Highpoint development the future and to provide our customers with the best shopping commenced in March 2011. The David Jones Highpoint store is experience and range of products regardless of which channel they expected to open for trade in the first quarter of calendar 2013 choose to shop from (i.e. online, in-store, mobile application or and generate Sales of $50–$60 million p.a. over time. a combination). The Company’s other new stores at Macquarie (NSW), Whitford With this in mind, on 4 November 2010 we launched our online (WA), Sunshine Plaza (Qld) and Pacific Fair (Qld) are expected to shopping site. Our online site commenced with just over 1,500 open in the period FY2014 – FY2016. products on offer and has been operating under a legacy IT system. National launch of new personal shopping service Since November 2010 the number of products on offer has been expanded to 2,500 products. We are currently developing new IT We believe it is important to inspire customers to shop with solutions to support our multi channel retail strategy. David Jones by continually refreshing and renewing our offering and customers’ shopping experience. On 1 August 2011, based Introduction of 90 exciting new brands on the success of the launch of this service in our Bourke Street In January and July 2011, we announced the introduction of 30 and Mall Melbourne store and international experience, we launched 60 new brands respectively across our Fashion, Beauty and Home a new Personal Shopping Service in our flagship CBD stores categories.
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