Department store David Jones has posted a 6.3 percent rise in annual profit, with sales better than expected.
David Jones said it was well placed for growth, as the Australian economy emerges from the downturn.
The company made a bottom line net profit of $156.52 million for the year ended July 25, up from $147.29 million in the previous year.
David Jones chief executive Mark McInnes said sales the first eight weeks of fiscal 2010 were better than expected.
“To date our sales increase is better than that reported in 4Q fiscal 200 with total sales up on last year,” he said on Thursday in a statement.
He said the increase in profits was a good sign as retailers head into the Christmas trading quarter.
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