The outgoing owner of David Jones says sales in January and February have held up despite rising inflation and interest rates, but the department store’s customers are expected to pull back on spending in coming months.
says sales in January and February have held up despite rising inflation and interest rates, but the department store’s customers are expected to pull back on spending in coming months.
David Jones CEO Scott Fyfe is remaining with the business after the sale to Anchroage Capital Partners.Woolworths chief executive Roy Bagattini said in the first eight weeks of 2023, sales were up 13.6 per cent at David Jones and 7.3 per cent at Country Road.
Mr Bagattini called the David Jones ownership a “painful journey for WHL and its shareholders”, but the chain is the most profitable since it was purchased for $2.1 billion in 2014. Adjusted operating profit grew by 245.8 per cent to $106.5 million in the December half. Over the past year, Woolworths has repatriated about $140 million of capital from David Jones.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
David Littleproud calls for inquiry into Labor's mobile coverage grants schemeDavid Littleproud has called for an inquiry into a federal regional grants program that “overwhelmingly” favoured Labor seats after the Albanese government was accused of overseeing its own version of the 'sports rorts' saga.
Read more »
Live: Australian shares set to fall ahead of GDP results, Dow Jones slips in last session of FebruaryThe Australian share market is set to open lower, after a mixed performance on Wall Street as investors bet on interest rates having to rise by more than they initially expected, while the ABS will release a significant update about Australias solid —but slowing — economic growth.
Read more »
David Cox is a third-generation mechanic. This week he was forced to shut his business's doorsA long-running family business on the Sunshine Coast has shut its doors for good, with the owner blaming a lack of affordable rental options.
Read more »
'Chaos and madness': Qld opposition slams state gov't for launching pill testingQueensland Opposition Leader David Crisafulli has hit out at the state government's priorities by introducing drug reforms like pill testing at a time when Queenslanders are 'crying out' for something to be done about the youth crime crisis.
Read more »