Australia's David Jones posts modest Q1 sales growth

This is Sydney Opera House. Xinhua

Australia's second largest department store chain David Jones on Wednesday posted its first quarter sales rise of 0.3 percent.

The retailer said total sales revenue for the first quarter ( July 29-Oct. 27, 2012) of the 2013 financial year was 415.6 million AU dollars (431.83 million U.S. dollars), up from 414.3 million AU dollars in the same period of last fiscal year.

"Whilst it is still early days, it is pleasing to see the company return to positive sales growth following seven quarters of declining sales," David Jones Chief Executive Officer Paul Zahra said in a statement.

He said positive trend was continuing into the second quarter.

"Trading in the first couple of weeks of the second quarter is tracking broadly in line with the first quarter of the 2013," he noted.

Zahra said the company's high profit margin fashion categories were the best performers in the first quarter.

However, market analysts say David Jones' first quarter sales growth was not impressive and smaller than rival Myer's in the same period.