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Woolworths CEO Ian Moir promises David Jones turnaround in 2020

Sue Mitchell

Woolworths Holdings chief executive Ian Moir is asking long-suffering shareholders to keep the faith, saying David Jones will return to profit growth next year after completing a $400 million "transformation".

Mr Moir blamed a 39 per cent drop in David Jones' profits in the December half on subdued consumer spending, heavy discounting and costs associated with the five-year turnaround program, including new systems, higher debt levels and rent on David Jones' Market Street store while it refurbishes its flagship Elizabeth Street store.

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Sue Mitchell writes the fortnightly Window Shopping column for the Financial Review and has covered retailing for over 30 years. Connect with Sue on Twitter. Email Sue at smitchell2045@gmail.com

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    Original URL: https://www.afr.com/business/retail/woolworths-ceo-ian-moir-promises-david-jones-turnaround-in-2020-20190221-h1bksf