Specialty Fashion Group trims FY losses
The company, which owns brands including Rivers, Katies and City Chic, also raised revenue by 4.4 per cent to $826.2 million in the 12 months to June 30.
The Specialty Fashion Group has posted an underlying earnings before interest, taxation, depreciation and amortisation of $25.0 million, which includes a loss of $9.9 million attributable to Rivers, compared with the previous corresponding period’s EBITDA of $20.3 million, which included an underlying loss of $21.6 million attributable to Rivers.
The company’s net loss for the year was $2.2 million compared to the previous corresponding period’s net loss of $4.5 million.
Specialty Fashion Group did not pay a final dividend, and has not paid a dividend since June 2014.
“This is a pleasing result, achieved in a difficult trading environment,” said Gary Perlstein, Specialty Fashion Group’s CEO.
Perlstein said their growth strategy is working. “The group delivered an impressive fifth consecutive six-monthly period of positive CSG, and consolidated its position as the largest specialty retailer of women’s fashion in Australia.”
Perlstein said they want to be the leading omni-channel retailer in the industry and they are fully committed to working on this strategy
“Our aim is to enable our customers to shop and engage with our brands — any time, any place, any way,” he said.
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