Pacific Brands swings to FY profit

Retail group expects continuation of challenging market conditions.

Pacific Brands (PBG) expects a continuation of challenging market conditions to weigh on first-half earnings in 2014, despite returning to profitability in fiscal 2013.

In the year to June 30, Pacific Brands' net profit was $73.8 million, a marked turnaround on the 2012 result of $450.650 million, which was heavily weighed down by significant items.

Underlying net income for the period lifted by a modest 1.4% to $73.8 million, in line with market expectations.

In the same period revenue was $1.27 billion, a 3.7% decline on the $1.323 million.

While the company expects sales to rise on increased investment in 2013-14, it sees first-half earnings before interest, tax, depreciation and amortisation falling as a result of the downturn in the workwear market.

The group's total dividend for the year if five cents fully-franked.

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