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David Jones posts best sales growth in 15 years

Sales at David Jones jumped 12.2 percent in the first 20 weeks of the financial year – the best rate of growth in 15 years – as the upmarket department store chain took share from arch rival Myer and specialty retailers.

The retailer’s strategy to introduce new brands, tweak its marketing and boost service levels in stores has paid off in spades, with same-store sales rising 10.4 percent on a pro forma basis in Australian dollar terms, according to figures released overnight by David Jones’ South African owner, Woolworths.

The strong growth in fiscal 2016 followed sales growth of 6.4 percent in the year ended June, and 10.7 percent growth in the second half of 2015, underpinning a 29 percent increase in earnings to AUD161 million (USD114.5m).

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