In a bid to stop its slow bleed to death, David Jones today announced at its quarterly profit briefing that it would be getting out of the DVD, Music and Video Games businesses due to poor sales.
David Jones' managing director, Paul Zahra, had this to say at the announcement:
Our focus is on improving the profitability of our sales. We are exiting the low performing categories of DVDs, Music and Games. We also continue to reduce the depth and breadth of our promotional discounting events and continue to work on changing our category mix to increase focus on higher margin categories.
Zarha also reported that the electronics category is also facing hardships:
Our sales performance during this period was...adversely impacted by our Home categories, in particular electronics, which continued to be challenging and subject to ongoing deflationary pressure.
David Jones reported a negative result for the first half of the 2012/13 financial year, with sales down 0.7 per cent on the previous corresponding period.
The stock won't be subject to a fire sale as such, David Jones told us that it will instead be modestly marked down with a view to clear all games, DVD and music stock by the end of July.
As games, music and DVDs exit David Jones' stores, the company added in a statement to us that it plans to reassess the future of the electronics category as well.
"We'll be looking at our complete category mix and how we can allocate more floor space [in stores] to higher-margin categories," a spokesperson for David Jones told us.
It might be a good idea in this case to head down to your local David Jones stores to see if you can find any bargains on good tech and gaming gear. Like, now.