NATIONAL: Strong sales throughout the Christmas and clearance trading periods has given David Jones another leg up on fiscal 2008.
The department store today announced that it had increased its profit after tax (PAT) guidance for the first half of fiscal 2008 to $87.5 to $89 million. This represented a 23 per cent – 25 per cent underlying growth on the same period in fiscal 2007, with previous guidance of 8 per cent to 13 per cent growth.
David Jones CEO Mark McInnes said the increased guidance reflected strong sales performance in the second quarter of the 2008 financial year, with $664 million generated versus $607 million in 2007.
"Our trading performance in January and the first two weeks of February was strong, notwithstanding the equity market fluctuations over this period."
McInnes said Western Australia had demonstrated exceptional growth in the second quarter of 2008, putting it in good stead for the launch of a newer, larger store in Claremont.
"Sales in all categories exceeded our expectations," he said. "Stand-out trading performances were delivered by our womenswear, menswear, accessories, footwear and cosmetics categories."
McInnes said David Jones would announce its outlook and prospects for fiscal 2009 next month.