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

Must ReadView All

Courtesy: American Apparel

Apparel/Garments | On 25th Feb 2017

Gildan to make some American Apparel products outside US

Gildan Activewear, which recently acquired US fashion brand American...

Courtesy: Kolon Sport

Apparel/Garments | On 25th Feb 2017

Kolon Sport to set up JV with ANTA for Chinese market

Kolon Sport, an outdoor gear and clothing brand of Korea based Kolon...

Designer Karishma Jumani with Niraj Jawanjal, founder and director of IIFW. Courtesy: IIFW

Textiles | On 25th Feb 2017

IIFW to bring together premium lingerie brands

India Intimate fashion Week (IIFW), dedicated to showcasing the...

Interviews View All

Amrit Sethia

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

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Awen Delaval

'Natural fibres are appreciated for traditional authenticity'

Eric Scholler

The Indian market has huge potential in technical textiles, and by far,...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

February 2017

February 2017

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


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search