4 November 2019
The Weekly
Australia

David Jones has posted a full-year loss of nearly $500mn in 2019 due in part to impairments, and tax losses of almost $1.3bn over the last two years. Woolworths Holdings that owns David Jones wrote down the department store by $437.4mn after it had conceded challenging trading and sale downturns. Onerous leases resulting in an additional provision of $22.4mn were also identified by David Jones. David Jones’ operating profits for 2019 were almost cut in half from $64mn to $37mn, with sales slipping to $2.19bn by 0.8%. David Jones believes the worst is now behind them, with a $400mn refurbishment of its flagship Elizabeth Street store in Sydney which is expected to produce $50mn in profit for the struggling department store chain.

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