- New-Home Sales Jump to Highest Level in Over Year
- Consumer Mood Improves, But Anxiety Over Finances
- Jobless Claims Below 500,000, Durable Orders Slip
- US Said It Will Reduce Emissions by 17% by 2020
- Garlic Price Rises Surpass Gold, Stocks in China
- Judge Erases Couple's $525,000 Mortgage Payment
- Black Friday: Can Banks Tap the Frenzy, Too?
- Blue Jeans Expected to See Another Green Christmas
- Half of Banks' Losses May Still Be Hidden: IMF Head
- S&P at 1050-1200 Trading Range Next Year: Strategist
- Treasury On Mortgage Modifications
- Blue Jeans Expected to See Another Green Christmas
- Investors Thankful for Gains This Year
- Thanksgiving & the Markets
- Art Cashin: Caution 'Growing' in Financials, Dividend Moves
- Topless Business Is Taking Off
- 3 Software Stock Picks from Lazard's Senior Analyst
- Schork Oil Outlook: Gas Bulls Pinning Hopes on Mother Nature
MOST SHARED
- Ritz-Carlton ?Struggling? in the US: President
- Garlic Price Rises Surpass Gold, Stocks in China
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Half of Banks' Losses May Still Be Hidden: IMF Head
- New-Home Sales Jump 6.2% To Highest Level in Over Year
- Oil Price to Average $75.40 in 2010: Poll
- Obama Reiterates Commitment to Boost US-India Ties
- Consumer Mood Improves, But Anxiety Over Personal Finances
- Jobless Claims Below 500,000, Durable Orders Slip
Upmarket Australian department store chain David Jones said first-half underlying profit jumped 25 percent, helped by buoyant Christmas sales, and maintained its forecast for the rest of the year.
The retailer said it was trading at the top end of its guidance for like-for-like sales growth of 1-2 percent, but held its forecast of 8-13 percent profit growth in the second half to July 2008 as consumer spending slows.
David Jones outlined a plan this month to open new stores and expand sales of high-margin goods to help maintain profit in a weaker economy.
"We have the ability to continue delivering profit after tax and dividend growth despite a slowdown in 'top-line' department store sales growth," Chief Executive Mark McInnes said in a statement.
Net profit before one-offs rose to A$89.0 million ($81.7 million) from A$71.1 million, in line with the group's own forecast of $87.5-$89.0 million.
That compared with analyst forecasts of A$88.3 million, according to a Reuters survey of four analysts.
Worries about a drop-off in consumer spending, as high interest rates and petrol prices bite, have pushed David Jones shares down 36 percent this year, compared with a 16 percent fall for the broader market.
The chain, which has 36 stores and competes with larger rival Myer, owned by private equity firm TPG and with 60 stores, has factored in forecasts of a slide in retail spending with a trough in mid-2009.
- Here's how key provisions of the health care reform bill would impact your insurance and how you'll pay for it.
- Playboy will outsource its publishing operations in a bid to become profitable again.
- Remember when auto shows were major events where new models could generate buzz?
- After nine years the NBA’s minor league equivalent is finally coming into its own.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.











