RCG Corporation, owner of sports shoe franchise The Athlete’s Foot, has reported a 30 per cent lift in annual profit but chairman Ivan Hammerschlag says the company hasn’t escaped the slump in discretionary spending.
Net profit for the year ended June 26 was $8.9 million, up from $6.9m for the previous financial year, as revenue grew by 39 per cent to $42.3m.
Sales at The Athlete’s Foot stores were $199.4m, up 7.3 per cent, or 4.4 per cent when the benefit of six new stores was excluded.