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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)

People light candles at a vigil to commemorate the victims of last year's militant attacks in Mumbai, in front of the India Gate in New Delhi November 26, 2009. Mumbai held tearful memorials and police staged a show of strength on Thursday as India's financial hub marked the first anniversary of militant raids that killed 166 people and pushed up tensions with Pakistan. REUTERS/Rupak De Chowdhuri
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