By Grant Shepherd
David Jones has just announced that it has increased its profit after tax guidance for the second half of the year and the full 2009 financial year.
According to the ASX, 2H09 PAT guidance has increased to 20 to 30 per cent (previously 0 to 5 per cent), FY09 PAT guidance increased to 8 to 12 per cent (previously 0 to 5 per cent) and FY10 PAT guidance has been reaffirmed at 0 to 5 per cent growth.
“As stated at the time of our 3Q09 sales announcement, trading in April was broadly flat on last year. In May and June this trend improved and we have been trading ahead of the corresponding months last year on both a Total and Like-for-Like basis,” said Mark McInnes, David Jones CEO.
“May and June reflects a significant positive shift in our trading performance and demonstrates the resilience of the David Jones customer and brand strategy. History has shown that we are ‘first in and first out’ of a downturn.”
McInnes expressed that results have been well above expectations.
“Whilst we have to trade through July to complete the fourth quarter and we are not planning to repeat the clearance of excess inventory undertaken in July 2008, our trading to date has been pleasing and well above our expectations,” he said.
David Jones will make its 4Q09 sales announcement in August.