Oroton expects lower earnings

 

OrotonLuxury accessories maker, Oroton, says earnings fell in the first half of its fiscal year, despite improved sales.

Earnings in the six months to January 25 are expected to be about $8 million, down from the $10.5 million it made in the same period a year earlier, excluding the Ralph Lauren business it lost in June 2013.

The main reason for the lower earnings is the costs of starting up its new Gap and Brooks Brothers businesses, as well as new Oroton stores in Shnaghai and Hong Kong, Oroton said.

But comparable sales in the first half of its 2013/14 year were up by an estimated three per cent, it said.

The company’s complete financial results will be released on March 11.

AAP

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