David Jones Posts Record Profit

Submitted by Jim Thesiger on 24 September, 2009 - 17:53

The Australia based department store owner and provider of a diversified range of international and local brands David Jones (DJS) has posted a record full year profit by boosting the figure by 6.3 percent and the dividend was increased as well. The sales were quite impressive for the first 8 weeks of the year and David Jones is at a very strong position for growth amid the recover of the global economy, the company authority stated. A $156.6 million worth of bottom line net profit was posted by David Jones for the year ended at July 25 which is up from the prior year’s $147.3 million. The underlying profit after tax (PAT), before one-offs, for fiscal year 2009 was also $156.5 million, up 14.2 percent, following a 5.4 percent rise in sale which reached to $1.99 million.

Chief executive of the company Mark McInnes stated that the company is optimistic about the future. However, the result of the 2010 fiscal may play a vital role. The earning before interest and tax was $225.7 million, six percent up than the year 2008. There will be an upturn in the next cycle of the economy for which David Jones is fully prepared, he added. Mr. McInnes also stated that DJS does have a record of being in a position for first in and first out during the times when the market is moving downward and the business model and growth strategy of the company has proved itself to be quite effective in the difficult times.

It is to be mentioned that the department store owner announced a fully franked dividend of 17 cents for each share, which is up 16 cents up from the year earlier. Total dividend per ordinary share was up from 27 percent to 28 cents per share fully franked.