Despite huge losses, David Jones’ CEO has described the department store as a “thriving” business, with management delivering on its turnaround strategy.

In a statement, the private company reported a 325 per cent increase in EBITDA for the nine months ending March 2026, following $250 million in expenditure on its ‘Vision 2025’ strategy. But no base reference point was provided for such a high increase.

As reported by numerous news outlets, this turnaround did not prevent the retailer from recording a $95.5 million pre-tax loss last financial year, following a loss of $74.4 million in FY2024.

Inside Retail asked David Jones to confirm these figures; the request was denied.

“David Jones is a thriving, legacy Australian business, and I am very pleased to be able to share these new results, which show the impact and effectiveness of our Vision 2025 strategy,” David Jones CEO Scott Fyfe said in a statement.

In March, David Jones said it was continuing to optimise its retail network and become “future-fit”, following allegations that it was overdue on numerous payments to its suppliers.

Its latest financial disclosure also shared a 5.6 per cent reduction in the cost of doing business, and 10 per cent growth in online sales.

“These results reinforce our commitment to delivering operational efficiency and sustainable growth,” Fyfe added.

Owners Anchorage Capital, which acquired David Jones in 2022, reinforced its long-term commitment to the brand.

“David Jones is now debt-lean, operationally efficient, and remains the undisputed home of premium retail in Australia,” an Anchorage spokesperson said.