AUSTRALIA: Pacific Brands issues profit warning
Australian clothing group Pacific Brands has issued a full-year profit warning, citing difficult trading conditions and a downturn in the workwear market.
The company said earnings before interest and tax, as well as net profit after tax, may be "materially down" in the first half, compared to the same period last year.
Results, however, will be heavily dependent on second-quarter trading, which accounts for the majority of earnings in the half, CEO John Pollaers told shareholders today (24 October).
Full-year profit is also expected to be affected, Pollaers added, with earnings outcomes largely dependent on sales performance and gross margins.
"Fiscal 2014 will be a year of hard work as we continue to navigate through a difficult and, in many ways, unpredictable consumer and economic environment," he noted.
"We are increasing the investment in key brands and in new direct channels to market. We are doing what's needed to reposition and change our businesses, and we're increasing our commitment to innovation in our key brands."
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