David Jones former owners South African-based Woolworths Holdings Ltd made $R371 million ($30.9 million) profit on the disposal of the department store.
Anchorage Capital Partners bought David Jones for $92.5 million.
David Jones CEO says the second half results were significantly ahead of expectations.
David Jones chief executive Scott Fyfe says trading at the upmarket department store has remained in positive territory and shoppers are still investing in luxury brands, although sales in the past few months have slowed as pressures mount on household budgets.
Mr Fyfe told The Australian Financial Review that “good progress” had been made on sales, along with strong cost management and solid profits in the second half. He also said the 185-year-old chain had reached an agreement with its ASX-listed landlord Scentre on several of its hold over leases.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
