One option is a special dividend to appease shareholders, some of whom would’ve suffered since 2014. WOOLWORTHS_SA Moneyweb Woolworths companynews
It is perhaps telling that in its most recent results presentation, Woolworths provided no real detail on the future of its Australian headache David Jones. We can assume then, certainly backed by the fervent denials, that there is some credence to the rather loud murmurs in the Aussie financial press that Woolworths’s David Jones is for sale. The retailer has ostensibly sounded out “investment and merchant banks” in an effort to offload the underperforming Australian department store.
Time to sell? It is almost exactly the right time to try and sell the business, given the return to profitability after the brutal impact of the Covid-19 pandemic as well as some clear own-goals including trying to replicate the Woolies Food business in a market that did not expect or want this from a department store. That diversion cost many hundreds of millions of rands, likely more. Operating margins are back to above 3% – roughly half the level they were when Woolies bought the business.
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