AUSTRALIA: Specialty Fashion sees H1 net profit almost triple
- First half revenue grew 1.3% to A$311.2m
- Net profit expected to reach A$17-18m, up on $6.2m last year
Australia-based Specialty Fashion Group expects first half net profit to almost triple after seeing improved sales and margins over the period.
The company, which operates the Millers and Katies brands, said today (25 January) that it expects net profit to be in the range of A$17-18m for the half ended 31 December, up on the $6.2m recorded in the same period of the prior year.
Revenue grew 1.3% over the period to reach $311.2m, rising 2% on a comparable store basis.
"Our continued focus on our synergies to improve sales, margins and costs of doing business has meant we have delivered a significant turnaround in trading performance, almost tripling our net profit for the first half of FY2013, when compared with the same period in FY2012," said CEO Gary Perlstein.
"The economic uncertainties and structural changes affecting retail have not gone away, but we have pulled all the levers within our control to achieve sustainable improvements and our results reflect this."
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