Pacific Brands cuts FY guidance
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Pacific Brands (PBG) has cut its full year guidance to between $90 million and $93m before significant items as the combination of challenging market conditions and declines in consumer sentiment weigh on the retailer.
Investors responded poorly to the news. At 10.25am (AEST), Pacific Brands shares were 9.38% weaker at 50.75c, against a benchmark index lift of 0.48%.
The new target represents a cut of up to 14% from the $105m earnings estimate given during its interim results.
In addition to warm weather, reduced consumer sentiment and market conditions, the retailer said higher working capital and capital expenditure, along with additional restructuring costs, will lead to an increased net debt of between $250m and $260m by the end of fiscal 2014.
A one-off restructuring cost of between $25m to $30m (before tax) is expected for the six months ending June 30 as the company takes action to mitigate earnings pressure.
A strategic review has been initiated with the appointment of Macquarie Capital, which will provide an update on progress with the company's full year results on August 26.
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