Fashion retailer Country Road’s profit plunged more than 70 per cent due to weak sales, higher operating costs and a difficult split from department store David Jones.
The retailer’s South African owner said sales fell by nearly 8 per cent, in the 26 weeks ended December 29, and operating profit was crushed to just $14.2 million, tumbling by 71.7 per cent.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
