- New Lows for Stocks Next Year: Equities Bear
- Peak Oil Closer Than IEA Forecasts Show: Report
- Yahoo Is in Expanding Mode, Hiring: CEO
- Tyco International Profit Falls Less Than Expected
- Justices Poke Fun at Patents for the Abstract
- UK Most at Risk of Losing Top Credit Rating: Fitch
- GM CEO Starts Charm Tour at Opel in Germany
- Vodafone Extends Cost-Cutting Scheme, Hits Targets
- Bad Debt Weighs on Barclays Earnings
- Yankees Team Signed Ball Selling For $3,500
- Pociask: In The Electronics War Does The Consumer Really Win?
- Why are Options Bullish on This Smartphone Maker?
- Is 10% Unemployment Good for Stocks?
- Moon Hopes To Complete Amazing Story
- Why Google is Paying $750 Million for Ad Mob
- Warren Buffett to Sell Stakes In Union Pacific & Norfolk Southern
- Nov. 9: Unusual Volume Leaders
- The Battered Businesses Behind Housing
MOST SHARED
- Can Apple Top Microsoft as Most Valuable Tech Firm?
- European Commission Objects to Sun Micro-Oracle Deal
- Israel: Leader of Business Innovation
- Obama Sees Strains Unless US, China Balance Growth
- Mad Mail: Buy the Berkshire Hathaway Split?
- A Year on, China's Stimulus Postpones its Problems
- JPMorgan Lifts Salary Freeze Amid Recovery
- Small Business Sentiment Grows, But Fear Remains
- Cramer: 5 Stocks to Play the Next Bull Run
Text Size 
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.
Print
Email
- Do free market libertarians really believe what they say about ethics and shareholder value? The Big Money takes a look.
- Cramer did the research and found eight stocks that lead the pack. Read on to get his top picks.
- On the anniversary of the fall of the Berlin Wall, many in the former Eastern Bloc recall communism fondly.
- With prices well below peak, gems could add some sparkle to you investments.
- From politicians to CEOs to companies, here's your chance to vote for the winners and losers of 2009.
- The health care reform bill that passed the House on Saturday will have a much harder time in the Senate.
Data is a real-time snapshot *Data is delayed at least 15 minutes