High-end retailer David Jones Ltd
(ASX:DJS) has posted a 6.3 per cent rise in net profit for the year and reaffirmed its fiscal 2010 outlook.
The company today reported net profit for the year to July 25 of $156.5 million compared to $147.29 million the year before. The result was the highest since it listed on the ASX in 1995.
Second half profit rose 36 per cent to $65.4 million compared to $48.1 million recorded for the same period the year before.
David Jones declared a dividend of 17 cents for the second half a share up from 16 cents in the second half of 2008.
CEO Mark McInnes says the company’s ability to deliver both profit and dividend growth over the past 12 months demonstrates the strength of the business model, and says looking forward David Jones is well positioned to fully leverage the next upturn in the economic cycle.
Mr McInnes says the company’s sales in the first eight weeks of fiscal 2010 have been better than expected, saying that while the company is cautiously optimistic, it is important that it trade through the second quarter of 2010 before giving any guidance update and accordingly David Jones reaffirms its guidance of 0 per cent to 5 per cent profit after tax growth in fiscal 2010.
David Jones profits have been increasing year on year over the past five years.
