Economy

Country Road goes against the fashion as sales soar

SmartCompany /

So far the only retailers to do well in the downturn have been so-called “value” retailers such as JB Hi-FI and Super Cheap Auto. But upmarket fashion chain Country Road has revealed that its sales are holding up despite plunging consumer sentiment.

So far the only retailers to do well in the downturn have been so-called “value” retailers such as JB Hi-FI and Super Cheap Auto. But upmarket fashion chain Country Road has revealed that its sales are holding up despite plunging consumer sentiment.

The retailer revealed yesterday that total sales in the first 20 weeks of the financial year are up 17%. The company said sales in stand-alone retail stores are 12.6% up on last year and up 8.3% in comparable-store terms.

And while Australia’s department store chains are bunkering down for slower growth, Country Road’s department store concessions are holding their own, with department store sales up 16.2% or 10.3% on a comparable store basis.

The trading update was released by Country Road’s major shareholder, South Africa’s Woolworths Group, which has an 88% shareholding in the Australian fashion icon.

Country Road announced in June that it has entered the South African market through a wholesale supply agreement with Woolworths.

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