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Australia's David Jones H1 profit up 25 percent

Wed Mar 26, 2008 3:40am IST
 
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MELBOURNE, March 26 (Reuters) - Upmarket Australian department store chain David Jones Ltd (DJS.AX: Quote, Profile, Research) said on Wednesday its first-half underlying profit jumped 25 percent, helped by buoyant Christmas sales and tight control on costs.

The retailer said net profit before one-offs rose to A$89 million ($82 million) from A$71.1 million, at the top end of its own forecast of $87.5-$89.0 million.

That compared with market forecasts of A$88.3 million, according to a Reuters survey of four analysts.

Sales in the second-quarter jumped 9.3 percent, but worries about a slump in consumer spending, as interest rates and high petrol prices bite, have pushed David Jones shares down 36 percent this year, compared with a 16 percent fall for the broader market.

For the second half, David Jones has forecast profit growth of 8-13 percent. ($1=A$1.09) (Reporting by Victoria Thieberger)

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