David Jones Financial Analysis

Financial Analysis for David Jones Limited

For the year ending July 2007

Financial Reporting & Analysis

Table of Contents

Part I Overview 3

1.1 Scope 3

1.2 Sources of Information 3

Part II Financial Analysis 4

2.1 History and Nature of Business 4

2.2 Evaluation of Accounting Policies 4

2.3 Summary of Key Financial Data 5

2.4 Profitability Ratios 6

2.5 Sales Analysis 7

2.6 Management Efficiency 8

2.7 Efficiency Ratios 9

2.8 Liquidity 10

2.9 Market-Based Ratios 11

2.10 Capital Structure 12

Part III Other Considerations 12

3.1 Non-Financial Influences/Considerations (e.g. political, economic, managerial) 12

Part IV Conclusions 13

4.1 Conclusions/Recommendations 13

4.2 Limitations to Analysis 14

4.3 Disclaimers 14

4.4 Appendices 14

Part I Overview

1.1 Scope

This report provides a financial analysis of David Jones Limited primarily based on the Financial Components of the Annual Reports for the fiscal year ending July 2007. David Jones Limited is a major retailer operating in Australia in the Department Stores sub-sector. All financial data used in the analysis sections of this report is based on 2007 data.

David Jones Limited has been assessed against its main competitor, Myers in this report. Wherever the term ‘comparable company’ is used in this report, is a reference to Myers.

1.2 Sources of Information

The following information sources were consulted for this analysis:

* David Jones Annual Report 2007

* Chairman’s Report

* Director’s Report

* Balance Sheet

* Income Statement

* Cash Flow Statement

* Notes to the Financial Statement

* AAP Australian Associated Press

* Australian Stock Exchange

* Bloomberg

* Reuters

* Media & Press

* AAP Australian Associated Press

* The Age

* Bloomberg News Feeds

* FN Arena News

* Newsbites

* Sharecafe.com.au

* Smart Company.com...