David Jones feels the pinch of Australia's changing retail scene

Australian retailer David Jones reported a 5.9% drop in net profits for the year ended June 27, the latest sign of the country's changing retail scene in which the dollar remains stubbornly high and more consumers are turning to online stores and a growing number of foreign brands including Zara and Topshop. Retail sales in Australia booked their weakest growth in half a century, according to the government. "We expect trading conditions will remain challenging, with consumer sentiment continuing to be subdued and ongoing competitive pressure," said David Jones CEO Paul Zahra.

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