Department store operator David Jones recorded its highest full-year profit in its 14-year history as a public company – but still chose to maintain its cautious outlook of flat revenue growth for the year ahead.
The company recorded a profit after tax of $156.5 million, a 14.2% growth over FY2008. Sales slumped 5.4%, but David Jones improved its gross profit margin significantly.
CEO Mark McInnes declined to lift its guidance of 0-5% profit growth, but said that sales had been better than expected during the first eight weeks of the year.
“The next cycle in the economy is an upturn [and] history shows that our business is 'first-in and first-out’ of a downturn,” McInnes said.