David Jones Who is currently undergoing a major upgrade of their consumer electronics and Hi Fi home division has announced a 36% increase in profits quarterly profits to $57 million as government stimulus payments contributed to their bottom line results.
David Jones Who is currently undergoing a major upgrade of their consumer electronics and Hi Fi home division has announced a 36% increase in profits quarterly profits to $57 million as government stimulus payments contributed to their bottom line results.
During the past quarter, according to sources, David Jones has witnessed “excellent sales” of consumer electronic goods spanning flat panel TV’s notebooks, Apple gear and home theatre gear.
Chief Executive Officer Mark McInnes reiterated his forecast for earnings in the current year to rise as much as 5 percent and said sales in the current year are ahead of budget.
“This is a good sign as we begin to cycle the worst of last year’s downturn and head into the all-important Christmas trading quarter,” McInnes said in the statement. “Our company has a track record of growing profits following a downturn and we are well-positioned to take advantage of the next up-cycle.”
David Jones said that earnings are expected to rise between 20 percent and 30 percent.
In recent months David Jones has been systematically upgrading their consumer electronics offerings with several vendors reporting increased sales.
An annual profit of A$156.5 million beat the A$152.1 median estimate of four analysts canvassed by Bloomberg
David Jones shares fell 3.4 percent in early trading.
