Country Road flags higher profit
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Retailer Country Road (CTY) expects to increase its profit before tax for fiscal 2014 despite facing increased competition and unseasonably warm weather.
In a trading update, Country Road said it expects profit before tax for the year ending June 28, 2014 in the range of $87 million to $95m, compared with the $55.9m it posted in the year to June 29, 2013.
The retailer did not disclose its expected net profit after tax.
Total sales for fiscal 2014 rose to $849.6m, compared with $706.3m in the previous corresponding period.
Chief executive Iain Nairn welcomed the growth in sales and profit despite challenging market headwinds and contractionary fiscal policy in the second half of the financial year.
The retailer's majority shareholder Woolworths has lobbed a $17 per share takeover offer for Country Road as it tries to appease minority shareholder Solomon Lew, who may be in a position to block Woolworths' attempt to take over David Jones.
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