DAVID Jones has grown sales by four per cent in the six months to December 25.
The retailer’s comparable sales, which strips out new store openings, rose 0.5 per cent while profit before tax increased 2.9 per cent to $105 million, the group’s South African parent company Woolworths Holdings said.
Woolworths, which is not related to the Australian supermarket giant, also owns the Country Road Group that houses the Country Road, Trenery, Witchery and Mimco brands.
The Country Road Group’s sales were down 0.9 per cent partly due to intense discounting in the market, Woolworths said.
The company has previously announced plans to invest $75 million to $100 million over three years to “transform David Jones into one of the best department stores in the world” and bring it back to profitability by 2019, with losses of $5 million to $10 million expected in 2017-18.
Key to the strategy is the new store to be build on Sydney’s Elizabeth St, at a cost of up to $200 million, over the next three years.
At the existing Market St store, a new food offering was unveiled in early February, with a selection of prepared salads, precut vegetables, soups and curries launched in partnership with celebrity chef Neil Perry.
Woolworths also said David Jones and Country Road Group’s sales were impacted by the timing of the Boxing Day sale, which falls into the second half of this financial year.
The demise of Dick Smith electronics chain, which had concession stores at David Jones, also impacted the department store group.
— With AAP
Woolworths, which is not related to the Australian supermarket giant, also owns the Country Road Group that houses the Country Road, Trenery, Witchery and Mimco brands.
The Country Road Group’s sales were down 0.9 per cent partly due to intense discounting in the market, Woolworths said.
The company has previously announced plans to invest $75 million to $100 million over three years to “transform David Jones into one of the best department stores in the world” and bring it back to profitability by 2019, with losses of $5 million to $10 million expected in 2017-18.
Key to the strategy is the new store to be build on Sydney’s Elizabeth St, at a cost of up to $200 million, over the next three years.
At the existing Market St store, a new food offering was unveiled in early February, with a selection of prepared salads, precut vegetables, soups and curries launched in partnership with celebrity chef Neil Perry.
Woolworths also said David Jones and Country Road Group’s sales were impacted by the timing of the Boxing Day sale, which falls into the second half of this financial year.
The demise of Dick Smith electronics chain, which had concession stores at David Jones, also impacted the department store group.
— With AAP
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