Another write-down in the value of Woolworths’ grand dame Australian department chain, David Jones, by A$437.4-million – in just over a year – has sparked investor fury over the “irresponsible” use of shareholder funds over the past five years.
Some investors were shocked on Thursday 1 August after Woolworths announced it had reduced the value of David Jones by a further A$437.4-million , bringing the write-offs to more than R11-billion for an Australian business it shelled out R21.5-billion to acquire. In January 2018, it reduced the value of David Jones by R7-billion.
FNB Wealth and Investments’ Wayne McCurrie agreed with Treurnicht, saying that Woolworths should give up on David Jones and “virtually give it away” because shareholder value has been eroded.When Woolworths completed the David Jones acquisition in 2014, its share price was trading above R105 and the investment community rendered it as a retail darling. About R53-billion has been wiped off its market capitalisation in five years as Woolworths finished at R55.22 on Thursday August 1.
Woolworths faced leadership stability on the board with members resigning in recent months, included respected banking figures Gail Kelly and Patrick Allaway.I would not be surprised if there are differences in the way forward amongst board members,” said Treurnicht.
David Jones: a boring guys name for women’s wear, boring styles, incorrectly marketed, overpriced. Woolies: appallingly bad online service....sort these issues out.
Cut and run WOOLWORTHS_SA
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Woolworths profits to take a beating as falling demand affects clothing businessFoot and clothing retail outlet Woolworths expects annual earnings to decline and has written down the value of its David Jones business, which is struggling to contend with subdued consumer spending in a slowing Australian economy. The food and clothing group paid a big premium to bulk up in Australia via David Jones as part of chief executive Ion Moir’s ambitions to turn Woolworths into a leading southern hemisphere retailer, but faced delays in overhauling the business.
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