David Jones

The David Jones sales decline story has gotten less airplay on the newswires than I would have expected (as least, based on my reads).

If those articles are correct, it would seem sales fell off a cliff in the last month, with the last fornight being especially bad.

That’s interesting because we’ve been (I’ve been) surprised that retail sales held up for so long. We’ve now had a “few” downgrades (outright, sizeable downgrades from City Chic, Adairs, and moderating data from JBH, HVN, BAP) but still less than I was expecting.

If they are not hyperbole-ing a data qurik (e.g. strong comps from a year ago, or a quarter ago, whatever might give rise to an odd/weak-sounding yoy or qoq print) it seems things are snowballing, with the resumption of the RBA tightening cycle the “last straw” for the consumers pain point.

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