Apparel retailer, Specialty Fashion Group, announced an 11-per cent increase on its underlying Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA) for the half year ending December 31, 2016.
The group stated the increase was achieved despite difficult trading conditions experienced across the specialty retail sector in Australia during the half year to December 31.
Specialty Fashion Group is expecting EBITDA of $30 million, subject to final auditor review, which represents an 11-per cent increase compared with the previous corresponding period.
The result, according to the company, was underpinned by strong progress against the group’s three key growth priorities: rejuvenation of existing brands across the group; transformation of Rivers into a profitable brand; and expansion into new markets beyond Australia for City Chic.
Specialty Fashion is currently considering a takeover bid from Qatar based investment company Al Alfia Holdings WLL.
The deal would result in the ASX-listed retailer becoming a private company, with the undisclosed investment company offering 70 cents a share in a bid that values the company at about $135 million.
The owner of brands including Millers, Katies, Crossroads, Autograph, City Chic and Rivers, is due to release its results for the half year by the end of this month.
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