Unfortunately. not a lot of positives in this article @Berger978456 re: Christmas figures ? Let's hope Myer's was better - I wonder if the figures will be 'leaked' like September quarter ? If they aren't good of course Sol will be all over it .... sigh
More retail woe as PAS Group issues second profit downgrade in nine weeks after soft Christmas
Struggling fashion retailer PAS Group, whose apparel brands include Review and Black Pepper and licensed brands such as Slazenger, Lonsdale and Mooks, is the latest chain to testify to the disappointing Christmas sales, issuing its second profit downgrade in nine weeks earlier this morning.
It comes quickly after similar profit warnings from outdoor adventurewear and equipment retailer Kathmandu and consumer durables company Gale Pacific with concerns growing that the nation’s retail sector — especially those in the fashion and apparel category — are facing a rout from the unexpected sharp decline in holiday trading.
PAS Group (PGR) today said that after the Christmas period the company now expected that first half 2019 earnings before interest, tax, depreciation and amortisation would be at the lower end of the $5 million to $7m range announced to the market in November. That lowered guidance only two months ago was blamed on competitive pressures.
The latest profit warning from a retailer is just three weeks after the end of Christmas and comes at a time when retail businesses should have full coffers and cash registers from brisk Christmas, Boxing Day and new year sales activity.
But the early indications are that Christmas was tough for many retailers.
Just yesterday menswear chain Ed Harry collapsed into voluntary administration and just before Christmas there was the failure of menswear group Roger David and housewares group Laura Ashley.
Wesfarmers downgraded Kmart’s sales forecast earlier this week, with its women’s apparel category particularly squeezed over Christmas.
MYR Price at posting:
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If they aren't good of course Sol will be all over it .... sigh
(20min delay)