David Jones shocks investors

The admission from David Jones' chief executive, Paul Zahra, that the Australian department store was mired in its worst fourth quarter sales period in more than 20 years provoked panic selling across all retail shares yesterday.

The mood quickly spread to other retail-exposed sectors such as shopping centre owners and media companies which were caught up in the continuing spending strike by consumers.

Shares in David Jones plunged 19 per cent to hit a two-year low after Mr Zahra detailed what he described as a ''dramatic and rapid deterioration'' in sales at the till and foot traffic through his stores which had flared in June and crumbled further in the first two weeks of July.

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