Country Road up, CEO resigns

MELBOURNE: Country Road has defied the credit crunch and reported a sales increase of 18.4 per cent and a profit rise after tax of 60.4 per cent for the 2008/09 financial year. The listed apparel company also announced the resignation of its Chief Executive Officer, Ian Moir.

Sales revenue for the retailer was $343.1 million, up from $289.7 million the previous year. Profit after tax was $15.6 million, up from $9.8 million the previous corresponding period.

Chief Executive Officer Ian Moir's resignation will be effective December 31, 2009. He will be appointed as managing director of retail and CEO elect of the Country Road's majority shareholder Woolworths Holdings Limited in South Africa. He will take over from Simon Susman as CEO of Woolworths Holdings in November 2010. He will also remain on the board of Country Road as a non-executive director.

A search for his replacement is underway.