NATIONAL: RCG Corporation, which controls The Athlete's Foot, has defied the credit crunch by achieving record results for the financial year to June 30, 2009.
The corporation reported a net profit before tax of $7.61 million, up 27 per cent on the previous year's result of $5.97 million.
It has attributed this growth to the strong sales performance of The Athlete's Foot network of 136 stores, which achieved a total sales growth of 15 per cent to $166.7 million. In like-for-like store comparison growth was 11 per cent.
Chairman of RCG Corporation Mr Ivan Hammerschlag credited the sports shoe retailer's focus on fit and function rather than price and fashion as integral to its success in the difficult trading climate.
In further news, the company has announced it will distribute the Merrell brand of footwear and apparel in Australia from January 2010 and it has acquired Shoe Superstore, a three store chain which provides comfort and lifestyle footwear shoes. For more details see Ragtrader's forthcoming September 11 print issue.