Country Road has sought to allay fears the beloved brand is going out of business, amid a number of store closures across Sydney and plummeting sales in its latest results.

The brand, which has been a staple in Australian households since its inception in the 1970s, has closed its Market St store at the entrance of the Queen Victoria Building in Sydney.

Country Road’s Military Rd store in Mosman is closed for renovations and its Pitt St Mall store is earmarked to be shut when the lease expires in 2028.

Know the news with the 7NEWS app: Download today

But far from lessening its retail footprint, the brand was expanding, Country Road told 7NEWS on Tuesday.

“From time to time, we review our retail store portfolio to ensure we’re continuing to meet the needs of our customers,” Country Road said.

“We are committed to delivering great experiences throughout our networks and we are investing in our stores, with 10 new or refurbished stores opening by the end of the year.

“This includes our beautifully renovated Mosman store reopening in September, a new Country Road flagship store in Queen St, Brisbane, opening in August and three new stores opening in Chatswood Chase in October.”

Country Road and Trenery are owned by South Africa’s Woolworths Holdings, which previously owned department store David Jones.

Johannesburg-based Woolworths Holdings also owns Mimco, Witchery, and POLITIX.

In its latest results, Woolworths Holdings revealed an 8 per cent fall in sales for the 26 weeks to December 29 last year.

The brand’s operating profit plunged almost 72 per cent to just $14.2 million.

Country Road, founded in 1974, is known as one of Australia’s most beloved lifestyle brands and one of the first local brands to tackle the American market.