AUSTRALIA: Country Road Swings To FY Profit
Australian clothing chain Country Road Ltd on Thursday revealed its swung to a full year profit despite flat sales in a tough retail environment and said it does not expect conditions to pick up in the current half. The company posted a net profit for the 12 months to June 30 of A$2.38 million (US$1.5m) compared to a net loss of A$26.54m in the previous fiscal year when it was hit by A$25.1m of costs linked to its axing from its 20 stores in the US.
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