Country Road Limited
(ASX:CTY) says its total sales had grown by 1.8 per cent from the previous year to $419 million.
The retailer’s Australasian sales contracted 2.6 per cent, with like for like sales down 6.6 per cent.
Country Road's chief says it has reduced the level of discounting to increase margin levels and will focus on growth areas such as online sales, whilst maintaining a conservative outlook.
Country Road says it has opened additional retail and concession stores in Australia and South Africa as well as closing unprofitable stores including a number of clearance shops.
In the first half of the 2012 financial year, Country Road reported a net profit of $10.5 million.
