MELBOURNE: Country Road's total sales jumped 6.4 per cent in the first half of 2010/11, with new store and concession openings among the reasons for the increase.
The apparel retailer revealed total sales for the six months ending December 31, 2010 measured $209.4 million. This was up from $196.8 million in the first half of 2009/10.
Total concession sales, including sales from new concessions in South Africa, were up 25 per cent to $55.1 million. Concession like-for-like sales in Australia were down 10.7 per cent.
Despite predicting a three to five per cent growth in profit after tax for the period, Country Road director Ian Moir said the six months to December 31 had been difficult.
“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,” Moir said.
He expected the remainder of 2010/11 to see a continuation of “challenging” conditions.
“Our expectations on sales remain conservative but we will continue to manage our inventories and cost base appropriately.”
Country Road sells apparel for women, men and children through a network of stand alone stores and local concessions in Myer and David Jones.