David Jones Ltd (ASX:DJS) has delivered a 1.7% increase in fourth quarter profit, and says an upward trend in June and July sales more than offset earlier challenges.
Sales revenue for the quarter increased 7.3% to $549.6 million, however with a 14 week quarter compared to a 13 week quarter in 2009, like-for-like sales growth was 1.7%.
David Jones says it has reported like to like sales growth in every quarter of fiscal 2010, suggesting that the company has traded through the worst of the GFC.
CEO Paul Zahra says the result supports the view that the worst trading conditions are over and maintains a positive outlook.
Mr Zahra adds that Access Economics is forecasting consumer confidence will improve, while David Jones says it will continue to remain cautious, structuring internal budgets on conservative sales forecasts.
David Jones reported a profit of $156.5 million for the year to 30 July 2009.
DJS Price at posting:
$5.06 Sentiment: None Disclosure: Held
