David Jones reports record 2007 sales revenue of $1.98 billion

By Craig Zammit

SYDNEY: David Jones Limited has today announced a record sales revenue for the 2007 financial year of $1.98 billion, with a fourth quarter total sales revenue of $509.4 million — a 12.1 per cent growth on the $454.6 million result during Q4 2006.

The company’s record full-year sales revenue result represents a 9.0 per cent increase on a total sales basis and an 8.3 per cent rise on a like-for-like basis, with the retailing giants second half sales growth sitting comfortably at 10.4 per cent.

“The last three weeks of July continued to trade strongly resulting in a very pleasing 4Q07 sales performance for our company, in particular given that we were cycling a high 4Q06 base of 5.4 per cent and were able to deliver 9.2 per cent sales growth on a like-for-like basis over and above this,” said David Jones CEO, Mark McInnes.

“Since the Strategic Review in 2003, we have added more than $300 million in department store sales to our core business and have increased our sales by approximately 50 per cent since 1999.”

The yearly profit report also showed strong trading across Womens Apparel, Mens Apparel, Accessories, Cosmetics, Footwear and Homewares, with all David Jones stores across all states reported to be traded well.

According to McInnes, David Jones’ expects “to grow shareholder returns over time” due to customer acceptance of its ‘Home of Brands’ business model, its ability to effectively manage and trade through the retail cycle, new store opportunities that exist for the business, the unique opportunities arising from the recently rejuvenated and restructured Australian Department Store sector, its ongoing cost efficiencies program, and its planned core business expansion through high value, strategic refurbishments.

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