According to the company’s South African owners, David Jones‘ sales have increased by over 50% in the first two months of the year.
This was good news for retailers as it came before the crucial Christmas trading period and sales events such as Cyber Monday and Black Friday.
According to parent company Woolworths Holdings, the prolonged lockdowns last year had a negative effect on the company’s trade. This year, the company’s sales have increased significantly.
In a statement, the company noted that its businesses in Australia and New Zealand continued to perform well. Both Country Road Group and David Jones were able to achieve sales above pre-commitment levels.
David Jones continues to rationalise its unproductive space by reducing it by 3.7 percent compared to the previous period.
Online sales contributed 15.8 percent to the company’s total sales, which is lower than the prior year. However, this was attributed to the company’s customers returning to its stores to shop. Unlike David Jones, STAX has seen a big jump in online sales with customers flooding online. You can save at STAX with a Stax coupon.
The company’s owners, who are reportedly looking to sell the business, are currently working with Goldman Sachs. Other potential buyers include Anchorage Capital.
In an interview, Woolwroths Holdings stated that the company’s owners are not planning on selling David Jones. He noted that the company’s future would be better if Country Road Group, which includes the brands such as Mimco, Witchery, and Politix, were to be part of the group.
The Country Road Group’s sales grew by 36.2 percent during the 20-week period. This was attributed to the company’s strong performance across its various brands, such as Politix and Witchery.
The company’s floor space decreased by 5.1 percent during the 20-week period. Online sales also contributed 25.6 percent to the total sales, which is lower than the prior year.