Country Road Limited
(ASX:CTY) has more than doubled its half year profit after acquiring fashion retailer Witchery Australia and Australian accessories designer Mimco last year.
The fashion group’s interim net profit came in at $22.1 million, jumping 110 per cent from the year before.
Comparable store sales in Australia gained 10.7 per cent in the last six months of 2012, growth the company hopes to maintain in the first six months of 2013.
CEO Iain Nairn says Country Road is encouraged by its trading performance but also remains cautious and will continue to prioritise growing brands and customers and optimising costs and inventory levels.
In light of the acquisitions, an interim dividend has not been declared.
Shares in Country Road closed steady at $3.32 before the results were released yesterday.
