It says the well-known RM Williams Boot and Clothing Company performed strongly during the 2008/09 financial year with total revenue of $92.57 million, up from $87.69m in the 2007/08 financial year, an increase of $4.9m or 5.6pc which was in line with the company’s forecasted expectations.

The $87.69m total revenue figure for 2007/08 as stated, excludes the gain on sale of NZ Life & Leisure of $7.08m.

Having focussed on expanding the retail business in Australia, the company says retail sales grew by 12pc on the previous year.

However, it noted wholesale markets decreased by 5.2pc as RM Williams entered into retail trading in Brisbane International Airport (both airside and landside stores) which was previously operated by a wholesale customer.

The company disputed the AFR statement that the global financial crisis had had a "major" impact on performance, noting export markets experienced growth of 5.9pc in a year that the company only had expectations of the previous year’s sales being maintained.

"This improvement in the Boot and Clothing Company’s performance is largely due to the investment in five additional new stores (across the retail and events divisions), manufacturing resources, new product developments and ensuring our footwear, apparel and accessories are meeting the contemporary marketplace," RM Williams chief executive Hamish Turner said.

"The requirement of the Boot and Clothing Company to continue its Australian made product range is witnessed through not only increased demand in Australian retail stores for Australian made quality merchandise but also for the demand for increased product for the export market."