David Jones’ parent company pours cold water on sale talk

The parent company of iconic Aussie retailer David Jones has poured cold water on recent speculation the shopping institution could be sold.

South African based Woolworths Holding Limited (WHL) – which has no relationship with the supermarket of the same name – was considered by some to be preparing to offload the retailer, which has struggled during the COVID-19 pandemic.

The second half of 2021 returned a $31 million profit for David Jones, down 44.6 per cent on the year prior and turnover also fell by 9.2 per cent.

David Jones’ parent company Woolworths Holding Limited said it was focused on turning around the retail giant. (Rhett Wyman)

But WHL refused to add fuel to the story, saying it was committed to returning DJ’s to its former glory.

“WHL does not comment on media or market speculation,” a spokesperson for the company told 9News.com.au.

“If there were any developments that warranted communication to the market, it would be done as and when required.

“WHL remains focused on the operational turnaround of David Jones and ensuring that this iconic business is restored to its rightful market leadership position in Australia.”

Melbourne, Australia
David Jones currently operates 45 stores around Australia and has been improving profitability. (Getty)

WHL acquired David Jones in 2014, valuing the retail giant at around $2.15 billion.

Despite ownership changing hands David Jones remains the oldest continuously operating department store in the world still trading under its original name.

It first opened its doors in 1838 on the corner of George and Barrack streets in Sydney’s CBD with the mission to sell “the best and most exclusive goods”.

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Today David Jones boasts 45 stores in Australia, often occupying some of the most prominent retail locations in every capital city.

Reference-www.9news.com.au

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