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New Zealand apparel retailer Postie expects loss in H1
Mar '13
Postie Plus Group Ltd. (PPGL), a pre-dominantly New Zealand-owned retail group having 79 stores offering apparel for men, women and children, has announced that the company will report a substantial loss for FY 2013.
In a statement to the New Zealand Stock Exchange, Mr. Richard Punter, chairman of PPGL, said the company expects net loss before tax to climb to NZ $ 2.557 million during the first half of the current fiscal, compared to loss of $ 0.924 million made during the corresponding period of last fiscal.
In its first half sales release for the period August 6, 2012 to February 3, 2013, PPGL said it has posted continuing operations sales of $ 43.288 million, showing a decrease of 1.5 percent compared with $ 43.931 million sales achieved during the same period last year.
PPGL’s results to date have been impacted by the extent of the difficulties encountered by the company's logistics and distribution service provider in commissioning the new service.
The company said it is now apparent that recovering from the commissioning difficulties previously notified has been significantly slower than previously expected.
PPGL is in discussions with the service provider, and the loss of margin caused by the Distribution Centre commissioning will also result in a breach of PPGL's banking covenants, and the company has commenced discussions with its bank, the statement said.
PPGL is working intensively with the service provider to accelerate distribution performance and has also engaged independent expertise to assist in this process, it added.
The Group is expected to release its preliminary first half result on March 28, 2013.

Fibre2fashion News Desk - India

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