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A trading statement issued by the company last month has guided that the earnings per share figure is expected to be realised between 160% and 170% lower than the previous financial year. Headline Earnings per share are expected to be realised 15% to 20% lower than the previous financial year.
The substantial drop in earnings is said to be attributable to the David Jones transformation initiative. Margins and costs have been negatively affected by the repositioning of the foods business, the implementation of new online systems and inventory, as well as the head office relocation.