Woolies profits skyrocket after acquiring iconic Australian department store

Woolworths released results today saying this year has been transformational.

Woolworths’ operating profits grew by 41.7% to R5.6 billion.

The August 2014 acquisition of the iconic Australian department store chain David Jones enabled them to transform into a retailer with significant scale across sub-Saharan Africa and Australasia.

The Money Show’s Bruce Whitfield interviewed Ian Moir, CEO of Woolworths.

Scroll down to listen to the audio.

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Our cash flow has been better than anticipated and we’re totally comfortable with our level of debt.

Ian Moir, Woolworths CEO

Our debt is mainly in rand with some in Australian dollars.

Ian Moir, Woolworths CEO

The weak currency isn’t impacting us as much as it’s impacting some others.

Ian Moir, Woolworths CEO

Australians know and love the David Jones brand. We’re putting a lot of money into that store. We want to create the best department store in the Southern hemisphere.

Ian Moir, Woolworths CEO

The department store is NOT dead!

Ian Moir, Woolworths CEO

We’re not overbuying or overcommitting.

Ian Moir, Woolworths CEO

We’re much faster and much more fashionable than we used to be in South Africa.

Ian Moir, Woolworths CEO

This article first appeared on 702 : Woolies profits skyrocket after acquiring iconic Australian department store


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