DJ’s shoppers prefer branded plastic
David Jones' profits from its credit card business soared over the last year. Earnings before interest and tax from the David Jones credit card increased by 25 per cent to $27.7 million, to make up a third of its overall profit. Fewer shoppers are benefiting from “interest-free” promotional deals and more are paying interest rates of 22 per cent on the store-card purchases. The retailer posted a $65.3 million bottom-line profit, a $91.8 million turnaround from last year's $26.5 million loss.