The sales slump has worsened at beleaguered department chain David Jones with company’s South African owners confirming a 2.1 per cent drop in total sales over the past four and a half months.
Parent company Woolworths Holdings told the Johannesburg Stock Exchange this morning AEDT that comparable store sales were down 0.7 per cent at David Jones in the 20 weeks since July 1.
A 68 per cent increase in online sales stemmed the bleed somewhat, and now comprised 10.4 per cent of total sales, which is up from eight per cent at David Jones’ full-year earnings result.
The upmarket retailer blamed the ongoing decline partially on disruption from the refurbishment of its Elizabeth Street store in Sydney, which is due for completion in March next year.
David Jones has suffered amid a broader retail decline in Australia and in August Woolworths blamed economic headwinds for a $437.4 million writedown in the value of the store.
The chain is worth less than half the $2.2 billion it was purchased for in 2014.
Meanwhile, Woolworths said Country Road Group sales were also down 4.7 per cent for the period, with the parent attributing the decline on the clothing brand no longer being stocked at rival Australian department store Myer.
Country Road’s comparable sales growth of 0.7 per cent for the period includes online sales, which grew by 7.7 per cent, and now represent 19.5 per cent of total brand sales.
AAP
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