David Jones the latest with weak sales figures

By Paul Hayes

SYDNEY, NSW: David Jones has joined the growing list of retailers to post soft sales figures, reporting growth of just 1.4 per cent for the period between 24 January and 24 April 2010.

According to this morning’s report, David Jones recorded total sales of $417.4 million for the third quarter of FY2010, up from $411.6 million during the same period in 2009.

The modest numbers come on the same day the Westpac-Melbourne Institute  Consumer Sentiment Index fell to its lowest levels since the onset of the global recession, and Clive Peeters’ entered a trading halt pending financial talks.

David Jones said that while the numbers are mostly flat, they are in line with its 2010 guidance and its key performance indicators remain strong.

“Our business is in good shape and we reaffirm our profit after tax growth guidance of 5 per cent – 10 per cent for 2H10,” said chief executive, Mark McInnes.

Much like fellow retailers such as Harvey Norman and JB Hi-Fi, David Jones pointed to the cycling out of last year’s stimulus packages as having a significant impact on consumer spending.

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