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Pacific Brands Limited (ASX:PBG) says sales are down in the current financial year and warned it doesn’t expect great improvement in the coming months.
CEO John Pollaers says there hasn’t been noticeable improvement in the operating environment so far this year, after the group crashed to a significant loss in fiscal 2012.
Mr Pollaers conceded trading remains volatile and is uncertain whether the latest interest rate cut will have much impact on performance.
Despite the bleak external factors, Pacific Brands told its shareholders it has the right foundations, iconic brands such as Bonds and Rio, as well as depth of leadership to succeed moving forward.
Pacific Brands group posted a $451 million loss in the 2012 financial year.
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