SYDNEY: David Jones has reported "relatively flat" trade in the first quarter of 2010/11, in accordance with its earlier guidance.
The national department store revealed total sales for the period from August 1 to October 30, 2010, were $466.6 million. This was up 3.2 per cent on total sales for the first quarter of 2009/10.
David Jones CEO Paul Zahra reported strong trade in the company's flagship in Melbourne's Bourke Street Mall but relatively flat trade in other stores.
“If you adjust for the trading benefits of our newly redeveloped Bourke Street Mall stores, our 1Q11 like-for-like sales were slightly negative, which is broadly in line with our guidance of flat sales for 1Q11.
“Consumer shopping behaviour is still patchy and we have seen significant deflation in televisions. We have had good sales performances in women's accessories, menswear and home furnishings, particularly in manchester,” Zahra said.
He said there were positive indicators for the second quarter of 2010/11.
“...[A]ll of our CBD flagship stores will be trading for the first time in many years uninterrupted by disruption; we are broadly in line with our sales guidance despite an unseasonally wet and cool start to the summer season... and we have launched our new online retail site,” Zahra said.
The company reconfirmed its profit after tax guidance of 5 to 10 per cent growth for the 2010/11 financial year.