Upmarket department store David Jones has posted a 4.6 per cent fall in profits, despite a solid rise in sales.
In its half-year results, which cover the critical Christmas – New Year period, David Jones reported a profit of $70.15 million.
The company says the 4.6 per cent slide in profit is largely due to a previously flagged halving in financial services earnings due to the expiry of an agreement with American Express.
David Jones says, excluding financial services, its stores posted an 8.3 per cent rise in earnings before interest and tax.
The company’s sales were up 3.8 per cent compared to the same period a year ago to $1.042 billion.
David Jones will pay a 10 cent per share dividend, fully-franked.
More to come.