David Jones has flagged "aggressive" store closures across its network of 47 Australian locations.
The closures follow another full year profit fall, this time by 42%.
Operating profit was $37 million, compared to $64 million in the prior corresponding period.
"Space reduction to improve the productivity of the existing store portfolio is a priority," Woolworths Holdings said in a statement to the Johannesburg Stock Exchange.
The department store's gross profit margin for the 53 weeks to June 30 was 1.1% down on the the prior period.
This was due to higher clearance activity and markdowns.
Turnover and concession sales declined by 0.8% with comparable store sales falling 0.1%.
Woolworths Holdings CEO Ian Moir said the business has adapted to current conditions.
“Our businesses are well-positioned to see through the significant economic and structural challenges retailers are facing.
“We are focused on building future-fit, customer-focused businesses with strong portfolios of brands that deliver long term value.”