Pacific Brands announces first half year results ending December 31, 2012 of fiscal year 2012-13.-Reported net profit after tax of $38.9 million (no significant items) for the 6 months ended 31 December 2012 (1H13) up from a reported loss of $362.4 million (impacted by significant items)
-Sales down 6.6% but net profit after tax up 8.9% and earnings per share up 10.0% (before significant items) with continued strong cash flow
-Dividend up 25% on the previous corresponding period to 2.5 cents per share fully franked (declared), representing an increase in the payout ratio to 59% (up from 51%)
-Underwear showed encouraging growth, driven by Bonds, Berlei and Jockey
-Workwear has been impacted by a cyclical downturn in market conditions
- Premium footwear up and Sheridan marginally down in difficult markets; a turnaround in other HFO brands and businesses is being undertaken
- Further detail provided on strategic priorities to stabilise sales and deliver sustainable growth over time
Chief Executive Officer, John Pollaers, said: “Pacific Brands announced a net profit after tax of $38.9 million for the six months ended 31 December 2012. This is up from a reported loss of $362.4 million after significant items and represents an 8.9% increase on the result before significant items recorded for the previous corresponding period. This result reflects gains achieved through strong operating and financial discipline across the business in continued challenging market conditions".
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