Retailer David Jones Ltd
(ASX:DJS) has posted growth of 1.4% in sales for the third quarter and reaffirmed its earnings guidance of between 5 and 10% growth for the second half of fiscal 2010 and for fiscal 2011.
Total sales for the three months to April 24 came to $417.4 million compared to $411.6 million in the third quarter of last year.
Like-for-like sales grew by 1.4% during the period compared to the same time last year.
CEO Mark McInnes says as expected, trading in the third quarter has been challenging, although in line with the company’s forecasts.
Mr McInnes says the company remains very cautious about cycling the government stimulus in the fourth quarter, and expects challenging conditions to continue for this quarter.
Neverthless, he says the business is in good shape and expects profit after tax growth of between 5 and 10% for the second half of this fiscal year, compared to 10.2% growth in the first half of the year.
Mr McInnes says the company also forecasts 5 - 10% growth guidance for fiscal 2011 but says to achieve this guidance the retail recovery will have to be in full swing, something that Access Economics does not forecast until 2012.
David Jones fiscal 09 profit came to $156.52 million, up from the year before.
