NATIONAL: High Street retailer Country Road expects profits to soar by up to 56 per cent for the 2009 financial year.
The company predicted strong retail and concession store sales would lift profits from $14 million last year to between $21.3 million and $21.8 million this year.
Total sales were up 18.4 per cent for the second half of 2009 and 18.4 per cent for the full period.
Country Road chief executive Ian Moir said the company was well placed to open six further sites in Australia by the end of November.
"Our focus on providing exceptional value has proven successful among our increase customer base as the search for value intensified in a deteriorating economy."
Total retail sales were up 18.7 per cent for the full year, while concession stores were up 9.8 per cent. Wholesale sales of $8 million were a direct result of its recent move into the South African market.
Country Road would launch its mature ready-to-wear line Trenery in South Africa next month.
Audited financial statements for the year were scheduled for release on August 27.
Want to know what Country Road co-founder Jane Parker is doing now? Pick up a copy of Ragtrader's July 31 issue.