Fashion empire Country Road Group is on track to see full year profit growth sky-rocket, following a stellar rise in its half year results.
The company, which also operates brands Mimco, Trenery and Witchery, has confirmed a record net profit of $37.95 million in the six months to December 28.
The figure represents a rise of approximately 72 per cent, up from $22.1 million for the same period last year.
According to the retailer, total sales growth for the group was also up 27.4 per cent to $422,007,270, compared to the previous corresponding period. Comparable sales growth saw a lift of 6.6 per cent.
Last year's numbers include Witchery and Mimco from the effective acquisition date of September 29, 2012 and two more trading days now that the group adopts a 52 week retail calendar for financial reporting.
Total Australasian sales, also impacted by the acquisition of Witchery and Mimco, were 28.9 per cent up on last year with sales in comparable Country Road and Trenery stores up by 5.5 per cent per cent.
The company said his comparable store sales growth has been pleasing in a highly competitive market and against a strong comparable store growth result last year of 10.7 per cent for the same period.
Looking forward, the group said it expects improved earnings for the full year, but will remain cautious in regards to the changing marketplace.
“The retail landscape in Australasia and South Africa in the second half of this financial year is likely to remain highly competitive with consumer and business confidence remaining cautious and the arrival of more new market entrants in Australia.
“Against this backdrop we expect the group to deliver further improved results for the remainder of the financial year but at a lower growth rate now that comparative results include Witchery and Mimco in Australasia.”