Apparel group Pacific Brands recorded a reduction in full-year net profit, following a double-digit sales decline and despite a stronger second half to the year.
The company said it had managed to maintain margins, largely thanks to a cost reduction plan that was running ahead of plan.
“We are pleased that margins – both gross margins and EBITA margins – held steady despite the continuing difficult market conditions and adverse impact of currency,” said Pacific Brands CEO Sue Morphet.
“This evidences the strength of our key brands and the benefits of our transformation programme.”
Click here to view the company’s full financial statement.
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