David Jones recorded a 2.6 per cent drop in turnover for 2022 after lockdowns in the first half hit hard. Adjusted operating profit for the full year came in at $83.7 million,a decline of 0.6 per cent.
Country Road Group,which includes the brands Country Road,Mimco,Trenery,Witchery and Politix,had strong trading in the second half,with sales up by 3.1 per cent for the year. The group’s adjusted operating profit dropped 22.3 per cent for the year overall to $120.3 million,but was up by 18.6 per cent in the second half of the year as bricks-and-mortar retail bounced back.
The group’s parent company,South African retailer Woolworths Holdings,said inflation and rising interest rates were making trading conditions volatile,but noted that the impact on Australian consumers should “be somewhat mitigated by strong household balance sheets and high employment”.
Fyfe agreed that lockdowns had encouraged Australians to save more and that the business was happy with its results in the tough trading environment.
“I think it’s fair to say that DJs is back - we are really positive about the outlook,this is an iconic Australian brand,” he said.
“We want to inspire experiences like no other.”