Australian retailer Country Road transformed a 1999-2000 profit of $A3.35m into a $A7.74m loss in 2000-2001.

The South African-controlled up-market clothing retailer was mauled by under-performance in its stores throughout the US and tough trading conditions in its home market.

Simon Susman, CEO of South African majority shareholder, Woolworths Holdings, declared on 16 August 2001 that his company remains committed to Country Road. Country Road chairman, Mac Drysdale, says several vital projects are under way in early 2001-2002.

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