David Jones confirms gutted consumer

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Via The Australian:

In a statement to the Johannesburg Stock Exchange released on Monday, Woolworths Holdings, the South African company that owns David Jones, said sales were 4.9 per cent higher over the 26 weeks to December 29. But the prior year’s figures were for the 26 weeks up to December 23, which meant the crucial Christmas trading week wasn’t included. On a like-for-like basis, the half-year sales fell 0.5 per cent over the period, the retailer said.

Comparable store sales, which included online, were 0.4 per cent lower, after adjusting for the trading week shift. Online sales, meanwhile, grew 61.8 per cent and now comprise 10.4 per cent of total sales.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.