9 March 2023
The Weekly

David Jones’s successful turnaround strategy has resulted in a ‘notable improvement’ in underlying operational and financial health. Adjusted operating profit was up 245.8% to $106.5mn with overall turnover up by 31.8% and concession sales by 27.6%. Online sales contributed 17.2% of total sales, compared to 28.1% for the prior period. Flagship and CBD stores performed ahead of expectations. Woolworths announced in December that it was to sell the David Jones business to Anchorage Capital and the division’s results will now be included in the interim results as a discontinued operation. Settlement is expected by the end of this month.