David Jones Ltd
(ASX:DJS) has achieved a record annual profit in line with analysts’ expectations, and confirmed its outlook for the year ahead.
For the 53 weeks to 31 July, the retailer has recorded a 9.1 per cent increase in net profit to $171 million.
Fiscal 2011 profits are forecast to grow by 5-10 per cent. CEO Paul Zahra says trading in the first seven weeks of fiscal 2011 has been in line with expectations, with all of its CBD flagship stores trading undisrupted by refurbishment and redevelopment for the first time in 10 years.
Mr Zahra says David Jones is well positioned to fully leverage the next upturn in the economic cycle, though will need to trade through Christmas before delivering any updated guidance.
A fully franked final dividend of 18 cents per share has been declared, bringing the full year dividend to 30 cents.
David Jones reported a profit of $100.46 million for the six months to 23 January 2010.
