Woolworths, which owns Australian department store David Jones, has resumed dividend payouts after a 212.5 percent boost in its annual profit

Sales at the local fashion, beauty and home business declined by 2 percent, with comparable store sales down 2.4 percent due to a significantly smaller winter clearance sale in the first quarter.

Revenue increased by 2.5 percent in the second half of 2017, compared with 6.7 percent the previous year, while stock slumped as much as 9 percent.

Woolworths Ltd. is setting up shop on Chinese online site Tmall.com, following the path of overseas retailers including Macy’s Inc. and Costco Wholesale Corp.

Woolworths Holdings Ltd., the South African food and clothing retailer which bought David Jones last year, may sell two of the Australian retailer’s sites as it looks to revamp other stores in central business districts.

Amid a lack of acquisition opportunities on its home continent, Brait followed the likes of retailers The Foschini Group Ltd. and The Spar Group Ltd. in bypassing the potential of Africa’s growing middle class and targeting European consumers instead.

South African retailer Woolworths Holdings Ltd. has appointed Pharrell Williams as style director for sustainability-focused projects in Africa.

A year after the death of Nelson Mandela and two decades since the end of apartheid, South Africa’s fashion market holds up a skewed mirror to its vibrant and incredibly complex society.