Addressing shareholders at the company's annual general meeting Mr Mason says Mr Zahra has the board's support and confidence in leading the company until his successor's appointment.

 

Mr Mason warned the outlook over the next 12 months remains uncertain and retail conditions are expected to remain challenging.

 

He said the business is well placed to capitalise on any strengthening in consumer sentiment as it occurs.

 

He also apologised to shareholders over concerns about two board members buying shares in the company days before it released better than expected sales figures.

 

David Jones generated a net profit of $95.2 million in fiscal 2013.