DJ's ready for volatile market

SYDNEY: Department store David Jones has increased its profit after tax (PAT) guidance for the second half of fiscal 2008, despite admitting the marketplace continued to show signs of "volatility". The Sydney-headquartered company announced it had upped its PAT guidance to between $46 and $48 million, an increase of approximately 20 to 25 per cent over the same period last year.  

The result was higher than the eight to 13 per cent growth guidance given at the time of the company's announcement in May 2008. The company's full year guidance had also been increased to between $135 and $137 million from previous guidance of between $130.5 and $132.5 million.

Despite recording total sales revenue of $962.4 million for the second half of fiscal 2008 - a growth of 1.7 per cent on last year - CEO Mark McInnes said the company would tread with caution into fiscal 2009.

"As we expected, we experienced volatile retail conditions in [the second half of fiscal 2008]. The outlook for [fiscal 2009] is for a continued slowdown in consumer spending. Our business is well prepared for this."