Australian apparel retailer, Country Road, announced that this financial year could see losses reaching as high as A$8m. This followed warnings made in April 2001 that the year loss would be between A$3m-5m.

Country Road said that improved sales in Australia were undermined by losses in its US business, in line with a fall in general US market conditions.

Country Road shareholder, Solomon Lew's ARI, was openly critical of the performance of the company's board following the announcement.

The board is dominated by majority interest, South Africa's Woolworths.