David Jones suffers from massive sales slump during Christmas, because retailers continue to drag their feet
David Jones suffers from huge sales slump at Christmas because the department store is becoming the newest retailer to reveal disappointing numbers
- David Jones was in the run-up to Christmas holidays with a huge turnover slump
- The disappointing turnover was attributed to the general bad conditions in the retail trade
- Kathmandu, Kmart and PAS Group have previously revealed some disappointing figures
- Weak sales have added the gloomy forecast for the retail sector of $ 310 billion
Aidan Wondracz for Daily Mail Australia
Upmarket department store David Jones has released their Christmas sales data that have revealed a disappointing holiday season.
The South African company that owns the store with fights said that the total turnover was weaker compared to the previous year.
In a statement to the Johannesburg Stock Exchange Woolworths Holdings, the company showed that total sales for the 26 weeks to 23 December had grown by 1 percent, or 0.9 on a comparable basis.
The luxury department store David Jones made a huge hit in Christmas sales because it revealed disappointing numbers in the run-up to the holiday season (stock photo)
The figure is a huge dip compared to the 2.9 percent revenue growth between the new financial year and November 2018.
Disappointing returns during the Christmas period were partly attributed to the largest outlet of David Jones in Sydney, as the store was renovated.
Although that was only a small disruption, with general bad conditions in retail, the main cause of bad sales.
The lower sales at David Jones and the associated Country Road Group stores along, among others, Country Road, Witchery and Trenery only contribute to the increasing nervousness of investors when faced with a gloomy shopping climate.
Woolworths Holdings said in its Thursday statement that its sales performance was comparable to the rest of the retail sector of $ 310 billion.
Other retailers such as Kathmandu, Kmart and PAS Group previously showed disappointing sales and subsequently published sales and profit warnings.
Country Road showed signs of recovery last year, but revenue growth fell by 1.1 percent in the six months to December compared to the previous financial year.
The store, however, managed to keep 0.5 percent for such sales.
Disappointing returns during the Christmas period were partly attributed to the largest outlet of David Jones in Sydney, as the store was renovated (stock photo)