CR realises long term vision

MELBOURNE: Fashion and lifestyle retailer Country Road is claiming victory for its first full year of operation as a retail only business with the release of its 2008 annual report. A statement in the report from Country Road chairman Simon Susman said the company's growth in profit before tax of 52.4 per cent to $14 million (compared with $9.1 million in the previous year) was testament to its "long term vision" of "becoming a more simplified, focused and accessible retail business, with greater control over our own destiny."

Country Road CEO Ian Moir confirmed sales for the year had been solid.

"Sales again grew strongly this year, significantly outperforming the market average in the clothing sector as published by the Australian Bureau of Statistics. Total sales were 21.9 per cent up on last year. Our stand alone retail stores were 14.2 per cent up on last year."

Looking ahead, Country Road's capital growth program for 2008 to 2009 would be the largest undertaken to date, to be underpinned by the completion of expansions to Chadstone and Doncaster shopping centre stores in Victoria. 

"We are planning to open five new stores in 2008-2009 and conduct more expansions of our existing stores with further details to be provided once negotiations have been completed," Moir said.