Country Road expects half year profits to soar up to $29 million, following total group sales for the half year surging by 50.5 per cent on the last corresponding period.
In dollar terms, the fashion retailer, which owns Witchery and Mimco, earned $331.3 million in total group sales for the period ending 31 December 2012. This was mainly attributed to the 55.6 per cent increase in total Australasian sales on the corresponding period last year. Sales in comparable stores increased by 10.7 per cent.
Total sales in South Africa were equally positive, which saw a 19.8 per cent increase on the corresponding period last year in Australian dollar terms. Sales in comparable stores in South Africa increased by 2.3 per cent.
As a result, the company expects its total consolidated group profit before tax for the half year ending 31 December 2012 to be within the range of $26 million to $29 million, up from $13.7 million in the corresponding period last year.