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David Jones reports healthy sales growth

The department store chain has posted solid sales growth ahead of the release of its annual year financial results in August.

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Source: AAP


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Sales at David Jones increased by eight per cent in the year to June, even though a warm start to winter dented clothing sales.

The South African owned retailer's total sales rose by 8.4 per cent in the 12 months to June 26, while comparable sales were up 7.0 per cent.

That's a slowdown from sales growth of 11.2 per cent in the first half of the financial year, and comparable sales growth of 9.7 per cent.

"Group apparel sales in the second half were impacted by the late start to winter and the unseasonably warm weather experienced across the southern hemisphere," its parent company, South African retailer Woolworths, said in a statement.

Deutsche Bank analysts said the annual sales growth was fairly strong, despite being lower than in the first half.

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As a result, they expect "reasonable sales growth" from David Jones' rival Myer.

David Jones is due to release its annual financial results on August 25.


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