Woolworths Holdings CEO Ian Moir says his critics have a point when they say he made a mistake with a $2bn swoop for Australia’s David Jones chain five years ago — but insists the worst is over.

“They were right,” he said in an interview at the retailer’s headquarters in Cape Town. “I regret the price, and buying it at that time — hindsight is a wonderful thing — but I think we have a great asset now.”..

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