SYDNEY: David Jones has continued to defy market conditions, increasing its profit guidance for both the second half and full 2009 financial year.
The department store expected a 20 to 30 per cent growth for the second half and 8 to 12 per cent growth for the full year.
David Jones chief executive Mark McInnes said tightly managed costs and better than expected sales were behind the move.
"Trading in April was broadly flat on last year [but] in May and June this trend improved and we have been trading ahead of the corresponding months last year on both a total and like-for-like basis."
"History has shown that we are 'first in and first out' of a downturn. Whilst we still have to trade through July to complete the fourth quarter and we are not planning to repeat the clearance of excess inventory taken in July 2008, our trading to date has been pleasing and well above our expectations."
The company reaffirmed its guidance for fiscal 2010, with profit after tax expected to grow by 0 to 5 per cent. A further update on its trading outlook was expected in August.