AUSTRALIA: Specialty Fashion H1 profit nearly triples
Australia-based Specialty Fashion Group has confirmed that net profit almost tripled during the first half of its financial year on the back of sales growth and margin expansion.
The company said net profit over the six months ended 31 December reached A$18m (US$18.6m), up from $6.15m in the same period of the prior year.
Revenue from continuing operations was up 1.3% to $311.1m. The company, which operates the Millers and Katies brands, said the improvements were due to better sales and margin expansion, which it attributed to online sales growth, improvements in its supply chain, and minimising inflation in the cost of doing business.
Trading is expected to improve in the second half of the year compared to the same period of last year, driven by efforts in e-commerce, customer relationship management and the supply chain.
However, it remains cautious that macroeconomic factors, both in Australia and abroad, may impact consumers' discretionary spending.
Help test our new apparel sourcing tool.
- "Power of the many" drives change at Otto Group
- Hard hit Turkish industry is not knocked out
- China leads US apparel sources with falling prices
- Wage abuses can’t be eliminated by software and PR
- US apparel sector braces for potential cost hikes
- US Q4 in brief – Foot Locker, Nordstrom, Carter's
- JC Penney to close 140 stores amid lower sales
- Inditex and H&M boycott Dhaka Apparel Summit
- Bangladesh government steps in on labour crackdown
- Bangladesh calls for duty-free access to US
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective
- Technical textile markets: product developments and innovations, December 2016
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Global market review of lingerie – forecasts to 2022