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Pac Brands cuts earnings guidance

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Pacific Brands has lowered its earnings guidance by 14 per cent for the full year before significant items, blaming weak consumer sentiment and the weather.

"A combination of challenging markets, declines in consumer sentiment and a warm autumn" were behind "lower-than-expected sales growth and increased margin pressure" said the company in a statement.

Fairfax reports that predicted net debt will also increase for the financial year to between $250 and $260 million.

The ABC notes that earnings in Pacific Brands’ workwear division expect to be reduced, with flat sales figures.

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