toll on the bottom line of the fashion retailer.
Photo: Angela Wylie
AN UNSEASONALLY warm autumn, the effects of the drought and a fiscal year could slump as much as 61 per cent.
million to $32 million.
This means the half year profits could be down to $3 million, from $7.
7 million at the same time last year.
sector were often up and down, the combination of gloomy factors had not been so dire since 1991.
of the month.
hard and first," said the boss of stores including Katies, Millers Fashion Club, Big City Chic, Crossroads and Autograph.
350 stores in NSW which is performing badly.
"Our customers have a set number of dollars to spend, if things get tight its tight for them.
"We are not in heavy discounting yet, but we have been dragged into category discounting, which you would rather not have to do but forced to do to keep stocks under control," he said.
The stores have 20 per cent off their heavy knitwear, to help shift stocks.
month so shoppers would be buying new knitwear, cardigans and jumpers.
sell full-priced stock.
cold snap next week, he said.
"This is the week it needed to happen, it is a very significant time for us," he said.
Sussan Group, Just Group, and the Packer family's Sydney clothing business, Pretty Girl Fashion Group, as well as discount department stores may also be slashing prices soon.
winter," he said.
Westfield, the country's largest shopping centre owner and manager, said last week that department store sales rose by as much sales were only up by half as much.
sector. Coles Group, owner of Target, has been slashing prices on winter clothing, but was yesterday unable to comment on sales results.
stores and was confident of returning a 6c a share dividend.
He's a bona fide Hollywood star, and Steven Spielberg and Brad Pitt are among his fans, but what Eric Bana treasures most is his life as a suburban dad.
News RSS