‘Back to the mothership’ for Woolies after David Jones debacle
R10bn investment planned, with balance sheet healthiest in more than decade, says CEO
03 September 2023 - 07:19
Woolworths, having unshackled itself from its disastrous Australian department store business David Jones, will focus on its South African operations, investing R10bn in growing its food and fashion sectors and expanding its distribution centre in Midrand.
“If we look at our businesses over the past few years, we have been underinvesting. Now it’s time to come back to the mothership and ensure that we are in great shape. We have a loyal customer base and we need to ensure we deserve their love and trust,” said Woolworths CEO Roy Bagattini this week, after the release of the group's annual results. ..
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