David Jones Ltd. | Introduction
Introduction
86-108 Castlereagh Street
Sydney NSW 2000
Australia
Telephone: (+61) 2 9266 5544
Fax: (+61) 2 9267 3895
Web site: http://ww.davidjones.com.au
Public Company
Incorporated: 1920
Employees: 9,883
Sales: A$1.71 billion ($1.13 billion)(2003)
Stock Exchanges: Sydney
Ticker Symbol: DJL
NAIC: 452111 Department Stores (Except Discount Department Stores)
Sydney, Australia-based David Jones Ltd. stakes the claim as the world's oldest continuously operating department store; the company's original store opened at its George Street location in 1838. The company is also Australia's third-largest department store company, with revenues of A$1.7 billion in 2003. David Jones operates more than 30 stores across Australia, although the bulk of its operations are located on the country's eastern seaboard. Nonetheless, the group has regained a presence in western Australia, with the purchase of Perth-based Aherns in 1999. David Jones no longer owns most of its properties, having disposed of the real estate in sale-leaseback agreements, a move which gave the company cash needed for a vast store renovation drive. After an attempt to broaden its reach into the mass-market in the 1990s, the company has returned to its historic focus as a decidedly upscale retailer, stocking some 120 high-end fashion brands. In addition to apparel, the company also has strong sales in furniture and home furnishings. A launch at the beginning of the 2000s of a chain of gourmet grocery stores under the Foodchain name was abandoned in 2003, at which time the company took steps to reposition its online retail venture, David Jones Online, which offers retail sales of perfume, jewelry, and other gifts.