Country Road’s acquisition of Witchery and Mimco last October has paid off as it has helped boost the company’s full year sales and profit for 2013.
Country Road reported a total profit of $41.1 million, which is up for $16.1 million from previous year. Meanwhile, total sales were up to $706.3 million from $419 million.
Country Road said the retail market is expected to remain competitive with the continuation of subdued consumer and business confidence as well as growth in the market share of new entrants.
Despite this, the company expects to deliver further improved results in the next financial year, with trading for the first eight weeks of the year in line with expectations.
Country Road acquired Witchery and Mimco from Gresham Private Equity for $172 million. The acquisition was completed in October, forming one of Australia’s largest specialty fashion retail groups in the mid to upper tier market.