DJs reports growth after worst period in past 20 years

By Patrick Avenell

SYDNEY, NSW: David Jones has reported an improvement in sales revenue for the first quarter of its 2010 financial year. In total, the listed department store chain reported over $450 million in sales for the three months to 24 October 2009.

First quarter sales were up 2.2 per cent compared to the corresponding period last year. Excluding the Bourke Street and Claremont operations, which are both currently being renovated, total sales were up 4.5 per cent. Like for like sales were up 0.8 per cent and 1.9 per cent, including and excluding these two stores respectively.

Talking about these results is David Jones CEO Mark McInnes.

“Our better than expected trading in 1Q10 is a good sign for our business as we enter the all important Christmas trading period, especially given we will be cycling the worst trading conditions we have experienced in more than 20 years,” McInnes said.

Despite these bullish words, McInnes declined to offer the market any firm guidance at this stage.

“There are definitely some key positive factors that we are looking forward to in 2Q10: the economy is improving, stage one of our Bourke Street redevelopment will be open. Having said that, it is too early for us to provide any guidance update until after we have traded through the all important second quarter, which is the key component of our company’s first half profit.”

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