David Jones to cut 150 jobs

Department store chain David Jones is set to cut 150 management jobs after a 9.5 per cent drop in sales.

While profit after tax was predicted to grow between five and 10 per cent for the 2009 first half and full year and the 2010 full year, this has now been adjusted to between zero and five per cent due to the economic crises and slowing consumer spending, according to the company.

David Jones said it expected like for like sales in the second half of financial 2009 to fall 9.5 per cent, rather than the 7.5 per cent decline forecast in November.

The staff cuts would affect head office and administrative roles, but the company said no customer-facing jobs would be cut.