Defying a trend of write-downs in the retailing sector takeover target Country Road Limited
(ASX:CTY) has forecast a higher profit before tax for the 2014 financial year.
The fashion retailer expects to report profit before tax between $87 million to $95 million, rising from $55.9 million the year before.
While Country Road has not provided guidance for its net profit after tax the company says total sales rose to almost $850 million over fiscal 2014.
CEO Iain Nairn says he is pleased with the strong growth in sales and profit despite some challenging market conditions such as increased competition and warmer weather.
Country Road’s majority shareholder South African retailer Woolworths Holdings Limited (JSE:WHL) last week declared its $213 million bid for the company best and final.
Country Road reported a net profit of $38 million in the first half of the 2014 financial year.
