Fashion chain Country Road has revealed a stellar rise in total group sales for the half year ending December 31, 2012.
The company, which acquired the Witchery and Mimco brands last year, has reported a 50.5 per cent lift in total group sales for the half year 2013, compared to last year.
The double-digit increase amounts to $331.3 million in Australian dollar terms, which also includes sales for the Witchery and Mimco brands, following the acquisition of the Witchery Group.
Total Australasian sales for the half also increased by 55.6 per cent on the corresponding period last year, to $294.0 million, with sales in comparable stores up 10.7 per cent.
The company's South African sales, however, lagged slightly behind, registering a 19.8 per cent increase in total sales for the half, compared to last year's results. Sales in comparable stores rose 2.3 per cent.
Commenting on the results, Country Road said it expects total consolidated group profit, before tax, for the half year ending December 31, 2012 to be within the range of $26 million to $29 million – up from $13.7 million in the corresponding period last year.
This range includes post-acquisition profit before tax for the Witchery Group from September 30, 2012 and one-off transaction costs associated with the acquisition.