SYDNEY (AFP) — Australian department store retailer David Jones on Wednesday said strong sales lifted annual net profit 35 percent to a record 109.5 million dollars (94.2 million US) in the 12 months to July.
The upmarket retailer's result exceeded market expectations and chief executive Mark McInnes also delivered an upbeat outlook, saying it was on track for a five to 10 percent profit increase in the current financial year.
McInnes said the group was well positioned to deliver profit and dividend growth in the new financial year, following a four-year restructure plan.
"Our business looks set to continue benefiting from the unique opportunities arising as a result of the recent industry restructure," McInnes reported.
He said analysts predicted consumer sentiment would remain strong in 2008, meaning retail spending is also likely to rise.
David Jones shares were steady at 4.95 dollars in early afternoon trading in a falling overall market.
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