Australian clothing and furnishings retailer Country Road has blamed a 12.2-percent fall in first half profit on start-up costs for its new store concept for over-40s and says the slump should be temporary.
Net profit for the half year ended 31 December was AUD9 million (USD8 million), down from AUD10.3 million (USD9.2 million) in the previous corresponding period.
First-half revenue from the sale of goods rose 12.6 percent to AUD196.8 million (USD175.7 million).
(Source: The Sydney Morning Herald)