SYDNEY: David Jones has reported a 1.7 per cent increase in like-for-like sales in the fourth quarter of 2009/10.
The national department store revealed total sales for the final quarter of 2009/10 were $549.6 million. David Jones' lift in like-for-like sales contrasts to Myer's reported 0.9 per cent contraction in like-for-like sales during the same period.
David Jones CEO Paul Zahra said the company was pleased to have reported like-for-like sales growth in every quarter of the 2009/10 financial year.
“This trend suggests we have traded through the worst of the Global Financial Crisis,” Zahra said.
The company reaffirmed its earnings guidance for both 2009/10 and 2010/11, reporting it expects profit after tax for 2009/10 to grow between eight and 10 per cent, and between five and 10 per cent for 2010/11.
“Access Economics is forecasting that consumer confidence will continue to improve in the lead up to Christmas,” Zahra revealed.
“Whilst this is positive news for us we continue to remain cautious about the speed at which consumer confidence returns and as such we have based our internal budgets on conservative sales forecasts.”