country road profits soar!!
August 27, 2009 |
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Retailer Country Road Ltd has posted a 60.4 per cent lift in annual profit and announced the resignation of its CEO Ian Moir.
Net profit for the year ended June 30 was $15.65 million, up from $9.76 million in the previous financial year.
Revenue grew 18.5 per cent to $347.55 million.
Country Road said on Thursday Moir had resigned, effective December 31, to take on the role of CEO designate at Country Road's majority shareholder Woolworths South Africa, and that it had begun a search for a replacement.
Moir said the 2008/09 year had been "outstanding" for Country Road despite subdued trading conditions in the retail sector due to a weak economic climate.
"Our focus on providing exceptional value continued to appeal to our increasing customer base as customers became more discerning as they searched for value in a slowing economy," he said.
Country Road's comparable stand alone retail store sales grew by 12.4 per cent over the year.
"Trading for the first eight weeks of the new financial year has been pleasing to date, but we remain conscious that the economic slowdown and tougher retail conditions may persist well into the new financial year," Moir said.
"We are retaining the same focus on controlling costs and managing our inventories during this time but we will also continue to invest in new and existing stores to deliver further growth in returns to our shareholders."
Country Road opened six new stores and expanded four existing stores during the year.
Some five Trenery outlets - which are aimed at the over 40 years of age customer - will open in Australia next week and a sixth store in November.
Country Road declared a final dividend of 8.13 cents, taking the total for the year to 13.31 cents, up 60.3 per cent on 2007/08.
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