Home' InDaily : February 18, 2013 Contents mon.18.feb.2013 Sponsored by
CLOTHING retailer Pacific Brands has returned to
profitability, but says sales are weak and will remain so in the
The company made a net profit of $38.9 million in the six
months to December 31, up from a $362 million loss in the
same period the previous year.
The loss was caused by major restructuring at Pacific Brands,
which the company on Monday said was delivering results
despite challenging economic conditions.
Sales in the six months to December were down 6.6 per cent
on the previous corresponding period, with growth in its
underwear brands Bonds, Berlei and Jockey offset by weak
sales in workwear brands Hard Yakka and King Gee.
Pacific Brands said conditions made it difficult to offer
financial forecasts for the full financial year.
“Earnings outcomes will be largely dependent upon
market conditions, associated sales performance and
implementation of the new strategy over time, and may be
impacted by ongoing restructuring and rationalisation,” the
company said in a statement.
The company said its gross margins improved by 1.9 per cent,
reflecting the benefits of more higher-margin products sales,
greater direct-to-consumer sales and lower import costs.
It said it also cut the costs of doing business by $7.4 million,
to $247.2 million, despite additional investment in selling
directly to consumers.
“It’s important that we get the balance right between the
need for cost containment whilst also investing in the
business where it makes sense,” he said.
“ That’s why this latest cost outcome is a good one, because
it has occurred at a time when we have increased our
investment in the direct-to-consumer channels.”
Pacific Brands expects gross margins and costs of doing
business in the second half to be in line with the first half.
It said underlying sales performance in the second half
continued to be mixed with underwear up... READ MORE
The Baker Young Morning Report is being
prepared now. Check this page later for today’s
most up to date market information.
BUILDER and developer Lend Lease has increased its first
half profit by 39 per cent.
Lend Lease made a net profit $302.3 million in the six
months to December 31, up from $217.8 million in the same
period the previous year. READ MORE
ADELAIDE-based listed investment company Argo has
released a share purchase plan, capped at $150 million.
The company, which has more than 60,000 local investors,
offers eligible shareholders up to $15,000 of fully paid
ordinary shares in Argo Investments Limited... READ MORE
Argo share purchase plan
Lend Lease’s big Sydney build
Hard Yakka pays off for Pacific Brands
NEWSPAPER circulation has continued
to decline, latest figures show.
The decline reflects fragile consumer
confidence and the tough retail
environment, claims the industry body
established to promote newspapers,
The figures follows research released
this week showing varying levels of
take-up of digital platforms.
Monday to Saturday sales of national,
metropolitan and regional printed
newspapers dipped by... READ MORE
Paper sales and revenue in decline
HOLDEN will import a station wagon version of its
Cruze model to Australia in the next year.
A Chevrolet-badged version of the Cruze wagon will
go on display at a motor show in Geneva next month,
the company announced last night.
Cruze sedan and hatch models are... READ MORE
LINKEDIN is reporting a strong fourth quarter as the
online professional networking service added 14 million
members. Its net income and revenue beat Wall Street’s
The results announced this morning provided further
evidence of online networking’s... READ MORE
Cruze wagon to be imported
Online networking pays dividends
Unwanted freebies: Sunday Mail giveaways at Bunnings late
on a Sunday afternoon.
BAKER YOUNG STOCKBROKERS | 08 8236 8888
BAKER YOUNG STOCKBROKERS | 1800 061 765
The maker of clothing’s big
brands has turned the corner
Links Archive February 15, 2013 February 19, 2013 Navigation Previous Page Next Page