David Jones Plunging profits.
[Retail & Commerce] Things continue to get worse for Australian department store David Jones. The store, which has been owned by South Africa’s Woolworths Holdings since 2014, saw profits fall nearly 30 percent in the six months ended December 23, 2018 to AU$47 million (approx. €29.4 million). This follows a nearly 38 percent profit drop in the corresponding period the year before. Woolworths CEO Ian Moir, who is now also serving as David Jones’ interim CEO, vowed to return to profit growth starting next year.
About David Jones Limited :
David Jones Pty Limited, trading as David Jones (colloquially DJs), is an Australian upmarket department store, owned since 2014 by South African retail group Woolworths Holdings Limited.
David Jones was founded in 1838 by David Jones, a Welsh merchant and future politician after he emigrated to Australia, and is the oldest continuously operating department store in the world still trading under its original name.
In 1980 the Adelaide Steamship Company acquired a substantial interest in David Jones, culminating in a complete takeover. The recession of the early 1990s caused the department store assets to be floated as “David Jones Limited”. For the next two decades the company went through turbulent times, eventually leading to discussions of a merger with Myer, and then in 2014 a takeover by South African retail group Woolworths Holdings Limited. In 2016, Woolworths sold the iconic 1938 Market Street store and announced the relocation of DJ’s head office to Melbourne.
David Jones Limited currently has 45 stores located in most Australian states and territories (except Tasmania and the Northern Territory). David Jones’ main competitor is the larger, upmarket department store chain Myer. On 28 July 2016 David Jones opened their first New Zealand store in Wellington after buying Kirkcaldie & Stains.
In August 2016, Woolworths Holdings Limited announced that the David Jones headquarters would be moved from Sydney, New South Wales to Richmond, Victoria.