News: PacBrands HY $362M loss

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Pacific Brands Limited (ASX:PBG) has reported a net loss of $362.4 million for the half-year ended December.



The loss was because of restructuring costs of more than $13 million and writing down the value of its underwear business by $388.7 million.



Sales fell almost 20 per cent largely because of the sale of the Sleepmaker, Dunlop Foams and the Bikes business.



Pacific Brands now expects underlying sales for the full-year to weaken because of poor retail conditions.



The company has declared an interim dividend of 2 cents per share.