MELBOURNE: Country Road has anounced a strong sales performance for the second half and full year periods to June 30 2008. The fashion and lifestyle retailer advised in a statement today (July 18) that it now anticipates a "materially higher profit before tax" than last year's for both periods, with sales in the second half up 11 per cent, having risen 21.9 per cent for the whole year.
Total retail sales were up 7.4 per cent in the second half and 14.2 per cent for the full year, while total concession retail sales were up 22.3 per cent in the second half and 141.2 per cent for the full year, factoring in the replacement of domestic wholesale sales with retail concesssion sales from February 2007.
Country Road CEO Ian Moir said the results were particularly pleasing having been achieved in a tough market and against double digit growth in the previous year.
"The improved value proposition that our brand represents has continued to be well received by our customers. Our underlying sales performance in the second half was encouraging despite the more difficult market. We reduced promotional activity and traded on higher margins throughout May and June in the prior year, so the quality of our sales this winter improved."
The company's full year audited results will be released in late August.