DJ’s blames Gaddafi

It’s always good to under promise and over deliver. And DJ’s has done just that in their half year result, posting a good result in depressed consumer circumstances of 4.2% profit growth amidst falling revenue.

They also reaffirmed full year guidance of 5-10% profit growth.

One has to seriously wonder, however, about the above caveat provided in the result. Why include this stuff if there is not already very serious concern, dare I say,  actual impact, on trading?

The pre-warn, warn?

Houses and Holes

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the fouding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.

He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

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  1. Cash flows after capex flat + reduced working capital = increase in NPAT.

    Nearly all the majors have been managing their accruals to help bump up the bottom line this season, but clearly some are more successful at it than others. A sign of good management or a sign of good expectations mangagement? Given the above post I’d say the latter.

    Also, take a look at management renumeration. Both short and long term incentive schemes are highly skewed towards growth in NPAT. I guess you only get what you pay for…

  2. Good result for DJs in the current enviornment, but how long can retailers keep the excuses up before acknowledging there’s a structural shift happening?

    Anyway, I’m off to blow three grand on the credit card. Hang on, it’s really hot outside. Nah. I’ll just stay in watching YouTube videos.

    • Stay in, watch youtube and buy what you were going to buy at DJs for 3K for 1K online.