Dip in David Jones growth

David-Jones_EmporiumDavid Jones’ growth has dipped from a 15-year high in mid November to just 11 per cent for the 26 weeks to December 27.

The department store’s like-for-like sales  grew by 9.7 per cent and net retail space grew by 1.5 per cent.

Woolworths wrote down David Jones stock by $64 million at the time of its $2.2 billion acquisition in 2014, resulting in discounting momentum. It is anticipated though that the discounting will even out now.

David Jones’ peformance compares with Myer’s most recent sales, which increased by 3.4 per cent to $714.8 million in the first quarter of fiscal 2016, while comparable sales were 3.9 per cent stronger

Over the same period, Country Road Group sales in Australia and New Zealand increased by 13.4 per cent in Australian dollar terms and sales in comparable stores grew by 0.1 per cent while net retail space grew by 16.4 per cent. A 16.4 per cent increase in floor space kept its like-for-like sales almost flat at 0.1 per cent.

Overall, Woolworths Holdings group sales increased by 17.1 per cent for the first 26 weeks of the 2016 financial year, over the comparable 26-week period in 2015.

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