News: Pac Brands flags profit warning

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Pacific Brands Limited (ASX:PBG) has warned shareholders the group's first-half profit may come in below expectations due to difficult trading conditions.

 

Addressing shareholders at the group's annual general meeting, chief executive officer John Pollaers said full-year profit was also expected to take a hit.

Mr Pollaers said while the main reason for lower profit was difficult trading conditions, increased investment, a continued downturn in the workwear market and the non-renewal of certain licences would also weigh on the company's bottom line.

 

Separately, Pacific Brands announced it had finalised the refinancing of its existing syndicated debt facility.

 

Pacific Brands generated a net profit of $73.8 million in fiscal 2013.