Country Road announced that sales had grown by 1.8% on last year to $419m. Australasian sales contracted 2.6% with like for like sales down 6.6%. During the year, Country Road opened two retail stores and one concession store in Australia and two retail stores and three concession stores in South Africa. Country Road has also closed two retail stores, three clearance stores and eight concession stores.
Howard Goldberg, CEO said “We have completed our first year of executing our new strategy. In the highly competitive retail environment, we have significantly reduced the level of discounting and have improved our margins as a result. We have closed unprofitable stores including a number of clearance stores.”
“We continue to focus on delighting our customers through better product and an enhanced digital and in-store experience. Our digital strategy is a growth area and online sales have grown strongly and exceeded our expectations. In the short term, we expect retail conditions to remain challenging and our outlook remains conservative.”
At Country Road, they are passionate about creating simply beautiful products designed to reflect an authentically Australian way of life.