2 February 2021
The Weekly

David Jones has reported an 8.8% sales decline for the 26 weeks to 27 December 2020 with comparable store sales down 10.5%. However, excluding Victorian stores – which traded significantly down on the prior period – sales were up 5.9%. Business performance improved in the last six weeks of the reporting period due to easing of restrictions, coupled with JobKeeper relief, successful Black Friday and Cyber Monday campaigns and further online growth.

Online sales increased by 55.5% to account for 17.7% of total sales during the half. Trading conditions continued to be impacted by Covid-19 with reduced store footfall, particularly in larger shopping centres and CBD locations. The group has been focused on actions to stimulate trade, strengthen online capabilities, manage inventory levels and execute property sales. The sale of David Jones Elizabeth Street is expected to further strengthen the group’s balance sheet and ensure a more sustainable capital structure.