The outgoing owner of David Jones says sales in January and February have held up despite rising inflation and interest rates, but the department store’s customers are expected to pull back on spending in coming months.

Days before Christmas, the 185-year-old retailer was sold by its South African owners Woolworths Holdings to Anchorage Capital Partners for about $100 million. Woolworths still owns the Country Road Group, which includes its namesake label, Politix, Witchery, Mimco and Trenery brands.