David Jones Same Store Sales Further Slip
South African-owned department store, David Jones, has fared its third straight year of declining same store sales, citing “challenging” retail conditions.
Owned by Woolworths Holdings, the luxury retailer notched a 0.8% drop in total sales for the year ending June 30.
Full-year 2018 sales dipped 0.9%, coupled with a 0.4% dip in comparable store sales.
For the 53 weeks to June 30, 2019, David Jones sales growth lift 1%.
The retailer claims the refurbishment of its flagship Sydney stores also “significantly” impact sales.
The Elizabeth street store is scheduled for completion in Q3FY20.
Online sales now represent 7.7% of total sales, with e-commerce sales up 46.8%.
The news comes after Woolworths Holdings purcchased David Jones for $2.2 billion in 2014, prior to being hit with sluggish retail conditions.