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David Jones Profits Surge 86% In The Last Half

David Jones Profits Surge 86% In The Last Half

Unlike Harvey Norman the up for sale David Jones that currently, operates 43 stores in Australia has reported a rebound in sales and profits with the business generating an 86% rise in operating profit in the six months ended June 26 to $52.5 million.

During July and August as the Reserve Bank was lifting interest rates David Jones sales were booming according to Chief executive Scott Fyfe with the momentum continuing into September 2022.

He claims the business is in the best shape it has been since its purchase by Woolworths of South Africa in 2014 for $2.1 billion.

“We’re seeing it both in store and online,” Mr Fyfe said.

Mr Fyfe said David Jones was in the best shape it had been since the ownership change, and he would not comment on the appointment of Goldman Sachs in an effort to sell the business.

In the financial year, sales at David Jones declined by 2.6% and by 2.5% in comparable stores, as sale fell to $2.058bn in 2022, from $2.112bn, but increased by 4.3 per cent in the second half after the easing of lockdown restrictions and a rebound in trading.

Owned by Woolworths of South Africa the parent group said that overall profits for the 2021-22 financial year were down 0.6 per cent to $83.7 million compared with the previous year due to the impact of COVID in the first half of the year.

Among one of the performing categories was homewares and appliances.

Online sales at David Jones were up 29% and today represents 23% of total sales during the year.

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