30 August 2019
The Weekly
Australia

David Jones’ operating profit fell 42% from $64mn to $37mn in FY2019, due to tough trading conditions and little economic growth in the Australian market. New IT systems, an online launch and a AU$400m (US$270m) refurbishment of a flagship store on Elizabeth Street in Sydney have caused further disruption. Woolworths Holdings didn’t expect conditions to improve significantly in the short-term, with the retail market continuing to be tough. As such, Woolworths Holdings said the previously announced plans to reduce store count is underway across the David Jones portfolio to improve stock productivity as online sales grow. The 2019 financial year also saw turnover and concession sales fall 0.8% for the department store, and comparable sales fall 0.1%. However, online sales grew 46.8% and now make up 7.7% of total sales.

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