South Africa's Woolworths Reviews Strategy In Bid to Revive Profit

Woolworths Holdings is reviewing its South African clothing business and the food division of Australian unit David Jones to respond to fashion trends and stem losses amid a slump in earnings, its chief executive said on Thursday, Reuters reported. Roy Bagattini, who took over as CEO of the fashion and food retailer in February, is on a mission to improve the performance of the David Jones department store chain. His predecessor Ian Moir paid a premium to bulk up in Australia and turn the company into a leading southern hemisphere retailer. “Although some progress has been made, our David Jones business has simply not transitioned fast enough,” Bagattini told analysts on Thursday during a presentation after Woolworths reported a 65% drop in annual earnings. Woolworths announced a review of its Australian real estate assets in May, a process that would include restructuring debt. Read more