Country Road Limited (ASX:CTY) has forecast its full year profit before tax will rise by between 30 per cent and 40 per cent to $411.7 million.
This unaudited result has been achieved due to the company’s restructure of its South African business and expansion of its online store.
However Country Road has not escaped softening consumer sentiment, posting a 10.9 per cent fall in Australasian sales on a like-for-like basis.
Despite 10 new shop openings and changes to reporting systems, sales have dropped 2 per cent, the retailer says due to a difficult trading environment.
In the 2011 financial year total retail sales for the company are expected to reach $289.7 million, flat with the previous year.
In the first half of its 2011 financial year, Country Road improved its net profit by 4.4 per cent to $9.4 million.
