AUSTRALIA: Witchery acquisition boosts Country Road H1
- H1 net profit up 110% to A$22.1m
- Sales up 50.5% to A$331.3m
- Figures include Witchery Group for past three months
Apparel group Country Road recorded surges in sales and net profit for the last six months of 2012, boosted by the performance of new acquisition the Witchery Group.
The Australian company said its first half results included contributions from the Witchery and Mimco brands for the second quarter.
Sales in Australasia were up 55.6% to A$294m, with comparable store sales up 10.7%, while revenues in South Africa increased 19.8%, with comps up 2.3% – impacted by exchange rates.
“We are in the early stages of our objective of creating one of Australia’s most prominent specialty fashion groups, with complementary brands in the mid to upper tier of the market,” said group CEO Ian Nairn.
But he added that the company remained cautious because of volatile consumer confidence, new market entrants and ongoing global economic uncertainty.
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