David Jones plunged to an adjusted operating loss of $33 million, a massive decline from last year's $37 million profit. Total sales fell 6.4 per cent to $2.06 billion, and comparable sales declined 6.9 per cent.
The head of struggling department store David Jones has admitted the company has "too many stores" and has stepped up plans to shut some and shrink its network by 20 per cent as losses are deepening in the COVID-19 crisis.
The company chose to trade through the initial COVID-19 lockdowns in March and April despite many of its retail rivals closing their doors. This meant David Jones' sales hit was not as pronounced as, though both retailers suffered significant hits to their earnings. "Unfortunately, globally some of these large-format department stores have stepped away from these things and that's why they're in trouble. So that's really where we've got to get to for David Jones."Getty Images
CRG's revenue dropped 14.3 per cent as its stores were shut for two months. Online sales only grew 15.4 per cent for the year, though CRG's online business is markedly larger than that of David Jones, comprising a quarter of its total sales.Sales for the first 10 weeks of the 2021 financial year continued to be poor for both David Jones and CRG, down 11.5 per cent and 8.8 per cent respectively, which their South African parent attributed to the current Victorian lockdowns.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
David Jones boss admits it has 'too many stores' as losses deepenThe head of the struggling department store is stepping up plans to shut stores across Australia over the next two years as losses are deepening in the COVID crisis.
Read more »
John Fahey 'will be long remembered': Alan Jones pays tribute to former premier | Sky News AustraliaSky News host Alan Jones has paid tribute following the passing of former NSW premier John Fahey, saying he will be long remembered and was 'simply a good bloke'. \n\n“His passing leaves a hole in the hearts of many,” Mr Jones said. \n\nMr Fahey passed away on September 12 following a battle with leukemia. \n\n'John Fahey was simply a good bloke,' Mr Jones said. \n\n'He enjoyed people, he remembered their names, a magnificent grassroots politician'. \n\n'Wherever you go today there are signs of his legacy ... he never forgot his friends'. \n\n'John Fahey married ability with modesty and achievement and for that he'll be long remembered,' Mr Jones said. \n\n\n
Read more »
Australia’s ‘border rubbish’ is ‘unconstitutional and intellectually offensive’: Alan Jones | Sky News AustraliaSky News host Alan Jones says words are not adequate to describe what the Queensland premier and chief health officer are doing regarding border restrictions and exemptions.\n\nMr Jones said the “border rubbish” around Australia in general is “dishonest, absurd, heartless, unconstitutional and intellectually offensive”.\n\n“Annastacia Palaszczuk, I can only say one thing, I cannot believe what you and this Jeannette Young are up to,” Mr Jones said.\n\n“There is no point talking about it because words are inadequate.”\n\nMr Jones spoke with Dr Steven Cerutti, who does much of his life-saving medical work flying between New South Wales and Queensland to treat patients.\n\nDr Cerutti was recently denied entry into Queensland after being told he may be an essential health-worker in New South Wales, but not in Queensland, despite presenting all the appropriate paperwork.\n\n“There are so many inconsistencies with what’s going on in Queensland,” Dr Cerutti said.\n\n“And the border obviously is just an arbitrary line.\n\n“I felt fairly confident that I would get a waiver but in the end it didn’t come, so I had to submit myself to flying back to Queensland and being taken back to an airport hotel.”\n
Read more »
David Jones boss admits it has 'too many stores' as losses deepenThe head of the struggling department store is stepping up plans to shut stores across Australia over the next two years as losses are deepening in the COVID crisis.
Read more »
Sydney man jailed for dumping getaway car used in murder of ex-bikie boss Mick HawiThe only man who admitted to helping carry out the daylight murder of former bikie boss Mick Hawi will be eligible for release from prison in just over a year.
Read more »
Trump’s vaccine claims do not address the ‘logistics’ of large scale distribution | Sky News AustraliaPerth USAsia Centre CEO Gordon Flake says the production and distribution of a coronavirus vaccine is “not a question of policy, it’s a question of resources, science, availability and time”.\n\nHis comment responded to President Trump’s recent claim 100 million doses of a coronavirus vaccine could be ready for rapid distribution by the end of the year. \n\nMr Flake said it was important to focus on facts as opposed to words, pointing out once a vaccine candidate had been approved, the logistics of producing and distributing the treatment for over 300 million people would be significant.\n\nHe pointed out the Director of the Centers for Disease Control and Prevention Robert Redfield said when it came to vaccinating a population, “it wasn’t just a question of the date, it was a question of the process”.\n\n“One of the things that Robert Redfield said in his testimony was that the $8 billion budget that had been requested to scale up the manufacturing of such a vaccine hadn’t yet been approved by the congress,' Mr Flake said.\n\nImage: Getty
Read more »