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Country Road posts 6.4% increase in H1 sales
21
Jan '11
Country Road announced that sales for the first half ending 31 December 2010 were 6.4% up on the corresponding period of the prior year. Despite difficult trading conditions through the first half, Country Road expects a profit after tax growth of between 3% and 5% on the prior year for the same period.

Against the corresponding period last year, key factors underlying the performance include:

• Total retail sales, including new stores, were marginally up on prior year with comparable like for like sales down 9.6%;
• Total concession sales, inclusive of the new concession arrangements with Woolworths in South Africa, were up 25.0%. Concession like for like store sales in Australia were down 10.7%.

“The challenging trading conditions were brought about by a significant drop in consumer spending through the half. These difficult conditions were anticipated and significant cost saving initiatives were implemented throughout the half to offset the impact of softer trading.

These cost reductions, combined with stricter inventory management have resulted in modest levels of profit growth for the half” said Director Ian Moir.

“The retail outlook for the next six months remains challenging. Our expectations on sales remain conservative but we will continue to manage our inventories and cost base appropriately” said Moir.

At Country Road, we're passionate about creating simply beautiful products designed to reflect an authentically Australian way of life. We're committed to great quality and value. Our reputation is built on sourcing the very finest raw materials, fabrics, woollen yarns, and crisp Italian cottons the world has to offer. This means we can combine top design trends with our signature fine tailoring and attention to detail, creating effortlessly stylish pieces for contemporary lifestyles.

Country Road

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