David Jones Ltd
(ASX:DJS) has booked a record 10.2% increase in first half earnings and reaffirmed profit growth guidance of between five and 10% for this year and next.
The upmarket department store chain has reported a profit of $100.5 million for the 26 weeks to January 23, up from $91.2 million in the same period a year ago.
Gross profit margin for the first half was at an all-time high of 40%, up from 39.5%.
Earnings before interest and tax rose 9.8% to $125.6 million, compared to $114.4 million in the first half of fiscal 2009.
CEO Mark McInnes says the result is an achievement considering the competitive retail environment in the first half.
Mr McInnes says the company has reaffirmed its profit growth forecast for fiscal 2010 and 2011, but admits the retail recovery will need to be in full swing to achieve this.
The company has declared an interim dividend of 12 cents per share - up 9.1%.
David Jones posted a profit of $156.52 million for fiscal 2009.
