David Jones Ltd (ASX:DJS) has recorded $466.6 million of sales in the first quarter of its 2011 financial year, coming in slightly above the $460.9 million booked in the same time last year. The result for the three months to October represents a rise of just 1.2 per cent.
The result compares favourably however with its rival retailer Myer who posted a 1.7 per cent drop in first quarter sales.
David Jones says its first quarter sales were in line with its guidance for the period.
CEO Paul Zahra has warned that consumer spending remains conservative, and says it is too early to provide any guidance update until after the retailer has traded through the all-important Christmas period, which will be a key component of David Jones first half profit.
However Mr Zahra has confirmed DJs profit after tax guidance remains between 5 per cent to 10 per cent full year growth.
David Jones booked a $170.76 million net profit in the year to 30 July 2010.
MYR Price at posting:
$3.74 Sentiment: None Disclosure: Held
