David Jones sales slow on lower footfall
Woolworths Holdings, the South African retailer that has owned the Australian department store chain for three years, says David Jones’ comparable sales fell 0.7 per cent in the year to June 25.
It is the first time full-year sales have dropped under the new owner.
“Whilst relevant market share has grown, sales growth slowed in the second half (at DJs), as falling consumer confidence resulted in lower footfall,” the company said in a trading update on Friday.
David Jones’ overall sales increased one per cent in Australian dollar terms, however the collapse of Dick Smith electronics concession stores last year has dented growth by about one per cent.
Woolworths Holdings’ other Aussie retail business, the Country Road Group, suffered a 0.4 per cent drop in like-for-like sales while overall sales rose 5.1 per cent, in Australian dollar terms.
The South African conglomerate said retail space declined at CRG by a net 1.9 per cent, and the inclusion of newly-acquired Politix added 3.7 per cent.
The retail group said Country Road´s “above-market performance reflected the ongoing improvements to ranges during the year.”
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