David Jones’ adjusted operating profit crashed 45 per cent over the last six months of 2021, to just $31 million.
The retailer posted a 9.2 per cent fall in first half sales, with lockdowns putting its bricks-and-mortar stores out of action for three months. Online sales jumped by 44.2 per cent, and now make up 28.1 per cent of total sales.
David Jones had a net cash position of $347 million, as of December 26.
South African company Woolworths Holdings bought David Jones in 2014, paying $2.1 billion for the retail giant.
Woolworths Holdings CEO Roy Bagattini told the AFR this morning that traffic is still down 20 to 30 per cent on a weekly basis, however “the average amount that they spend has increased quite substantially.”
“We’re very much looking forward to that footfall returning to the CBD areas. We’re also seeing a marginal, but gradually increasing level of tourism which has been missing for the last couple of years.”
