Country Road cheers despite tough Aussie retail conditions

07 Nov '12

4 min read

We expect FY13 to be an exciting year for our business. On 2 October 2012, we welcomed lain Nairn, the former CEO of Witchery, as our new group CEO and Managing Director for the expanded group. Mr Nairn is an exceptional retailer with extensive international experience and an excellent fit for the combined business. As a result of this change, Howard Goldberg left the business. The Board thanks Mr Goldberg for the leadership he provided Country Road during his time as CEO and wishes him well for the future.

Due to the acquisition of the Witchery Group, the Board has decided not to pay a final dividend. The total dividend paid during the year to 30 June 2012 was 7.58 cents per share.

We have started the year well with Australasian comparable sales up 13.5% on the prior year. Total Australasian sales to 27 October 2012 were $116m (in AUD). In South Africa, our brands continue to trade well with comparable sales up 8.5% on the prior year. Total South African sales to 27 October 2012 were R196.1 m (in South African Rand).

Going forward, we will focus on the successful integration of the Witchery Group, delivery of synergy benefits and profitable growth of the combined businesses.

Country Road

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