David Jones' profits slammed by online shopping

Australian department store giant David Jones has warned its profits could fall 40% this year, as the  company looks to deal with online competition.

Chief executive Paul Zahra said yesterday the company was suffering largely at the hand of e-commerce, where customers are increasingly heading online to buy products.

Zahra said the company will embark on a $160 million growth plan, which will see DJs improving its online presence, opening new stores and adding new staff.

He also cited customer saving habits in the wake of the recession as a reason for the slump.

The share price of the company fell 11% yesterday.

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