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.