Sales For David Jones Have Finally Started To Take Off As The Takeover Deal Looms

David Jones Chief Executive, Paul Zahra (Photo: Getty)

Sales have finally started to tick up for retailer David Jones.

Today it reported sales growth of 4.1% to $407.2 million for the quarter to April 26.

This compared to Myer with its total sales falling 0.9% to $646.5 million for the third quarter.

David Jones has now reported sales growth for three consecutive quarters and is on track to post its first full year sales growth for four years.

Online sales continued to work for David Jones, up 190% in the third quarter compared to the previous quarter but still only account for 2.2% of total sales.

David Jones CEO and Managing Director Mr Paul Zahra said this is the third consecutive quarter of Total Sales growth and the second consecutive quarter of like for like sales growth this financial year.

Key categories of Womenswear, Menswear, Beauty, Shoes, Accessories and Homewares all delivered positive sales growth.

South Africa’s Woolworths said its $4 a share takeover bid for David Jones had been approved by the Foreign Investment Review Board.

David Jones share price was steady at $3.95.

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