David Jones has reaffirmed it is well positioned for the current year after posting a 35% jump in net profit.
The retailer today unveiled an increase in annual net profit to $109.5 million.
DJ’s CEO, Mark McInnes, says the business looked set to continue benefiting from the unique opportunities arising as a result of the recent industry restructure, the benefit of a strong management team and a proven “House of Brands” business model.
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“We are well positioned to continue to deliver PAT (profit after tax) and dividend growth for shareholders throughout the full year 2008,” McInnes says.
DJ’s sales revenue grew by 8.9% in full year 2007 to $1983.2 million from $1821.6 million in the previous year.
Like-for-like sales grew by 8.3% in the year just ended.
The financial services business was strong, reporting growth of 5.8% in EBIT to $36.1 million from $34.1 million in 2006.
Capital expenditure for the year just ended was $62.2 million, but it included expenditure on the new Burwood (Sydney) and Chermside (Brisbane) stores.
The company reaffirmed the current year’s PAT growth guidance of 5% to 10% on the increased full year profit-after-tax base.