MELBOURNE: Country Road has announced a rise in profit before tax to $8.0 million for the six months to December 31 2007, up 55 per cent on the same period last year.
Total sales for the Melbourne-headquartered retailer grew by 35 per cent on the first half last year, with retail sales up by 21.5 per cent and 16.5 per cent on comparable store terms.
Country Road CEO Ian Moir described the results as "the strongest profit performance for a December half this business has delivered for some time."
"Customers have responded well to our improved value proposition of lower price points and improved fashionability, whiles preserving our reputation for quality."
The retailer had achieved double digit sales growth on first half last year in all divisions, he said.
"Our capital expansion program has been delivered on schedule and within budget and has been funded by operating cash flow as planned. All new stores have traded above expectations and we are proactively pursuing further store expansion opportunities."
Initial sell through on Country Road's winter range had been encouraging, he said, adding the company expected second half performance to show a strong improvement in profit before tax over the same corresponding period last year.