Sales dry up at RM Williams

SYDNEY: National leisurewear retail and wholesale brand RM Williams has had its profits knocked by the drought gripping the country.

A report in the Australian Financial Review suggests the privately owned brand has suffered a 10 per cent fall in profit with net profits of $1.19 million in the 12 months to July 1.

This compares to a net profit of $1.33 million in 2005/06 from operating revenue of $73.3 million.

It is understood the figures were contained in financial accounts RM Williams lodged with the Australian Securities and Investments Commission on October 31.

RM Williams operates 32 retail outlets - including 28 in Australia, two in New Zealand and one each in New York and London - and exports to more than 15 countries.