DJs warns of pain as sales drop

The Gold Coast Bulletin - - BUSINESS -

THE owner of depart­ment store David Jones, South Africa’s Wool­worths Hold­ings, has de­scribed the cur­rent trad­ing en­vi­ron­ment as “ex­tremely chal­leng­ing’’ as it re­leases its lat­est up­date for 2018.

In a state­ment is­sued to the South African stock ex­change yes­ter­day, Wool­worths Hold­ings re­vealed that its Coun­try Road Group had once again shown signs of stress to re­port falling sales, while its flag­ship David Jones stores had also suf­fered shrink­ing sales.

Wool­worths Hold­ings told its in­vestors that 2018 had been a dif­fi­cult year for the group, as it con­tended with “ex­tremely chal­leng­ing trad­ing con­di­tions” in South Africa and Aus­tralia. It said over­all group sales for the 52 weeks to June 24 in­creased by 1.6 per cent com­pared to the prior year.

David Jones re­ported a sales in­crease of 2.2 per cent in the sec­ond half.

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