Home / Knowledge / News / Apparel/Garments / New Zealand apparel retailer Postie expects loss in H1
New Zealand apparel retailer Postie expects loss in H1
01
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


Must ReadView All

Indian govt approves special package for leather, footwear

Textiles | On 16th Dec 2017

Indian govt approves special package for leather, footwear

The Union Cabinet chaired by PM Narendra Modi has approved a special...

EU parliament resolution calls for Cambodia sanctions

Apparel/Garments | On 16th Dec 2017

EU parliament resolution calls for Cambodia sanctions

Following the ongoing crackdown in Cambodia on the opposition and...

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Interviews View All

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search