PerthNorg

David Jones sales up despite tough times

UPMARKET retailer David Jones has upgraded its full year profit guidance after increasing its annual sales by 5.8 per cent.

It now expects a net profit between $135 million and $137 million for fiscal 2008, reflecting growth of 23 per cent to 25 per cent on the previous year.

David Jones had previously forecast a profit between $130.5 million and $132.5 million.

"Our increased profit after tax guidance is indicative of our ability to manage our business throughout the economic cycle, in particular in times of slower consumer spending, which we have experienced in the third quarter and particularly in the fourth quarter of fiscal 2008,'' chief executive Mark McInnes said.