High-end retailer David Jones Ltd
(ASX:DJS) has today reported a 4.5 per cent rise in sales for the first quarter.
The company reported sales revenue of $452.1 million for the first quarter of fiscal 2010, compared to $442.3 million recorded in the first quarter of fiscal 2009.
On a like-for-like basis excluding sales from the Bourke St store in Melbourne which is being redeveloped, sales growth was 1.9 per cent.
CEO Mark McInnes says the company’s better than expected trading in the first quarter of fiscal 2010 is a good sign for the business as it enters the all important Christmas trading period, especially he says as David Jones will be cycling the worst trading conditions it has experienced in more than 20 years.
Looking ahead Mr McInnes says that while the economy is improving, and stage one of its Bourke St redevelopment will soon be open, it is too early for the company to provide any guidance update until after it has traded through the all important second quarter, which he says is the key component of the company’s first half profit.
David Jones 2009 net profit was $156.5 million it’s best in five years.
