David Jones earnings up
DEPARTMENT store owner David Jones Ltd has maintained earnings guidance and improved profits despite flat revenues as discounting continues in a ‘‘ competitive’’ and ‘‘ aggressive’’ consumer environment. The retailer reported an improvement in first half net profit of $ 105.7 million for the 26 weeks to January 29, up 5.2 per cent from the prior corresponding period. The profit was partly due to a 6 per cent cut in labour costs and 25 per cent cut to marketing expenses as sales declined. Revenue fell 0.2 per cent to $ 1.08 billion.