David Jones forecasts Christmas bonanza

David Jones is expecting a bumper Christmas with this year’s shopping period expected to be on a par with last years.

DJs CEO, Mark McInnes, told shareholders at yesterday’s annual meeting the department store business was experiencing a renaissance.

“As the only branded department store, we are in a market position we have not been in for some time,” McInnes said.

More than 300 shareholders packed into the AGM, held in Sydney, to congratulate McInnes and his executive team.

McInnes said good like-for-like sales growth in the first quarter had continued through November. The retailer was trading a little better than its interim profit forecast, he said.

He also flagged the opening of between five and 10 new department stores over the next six to 12 months but would not be drawn on a precise number.

Inside Retailing