Pacific Brands profit slump
Pacific Brands, the company behind the Bonds clothing brand, has reported that it faces a profit slump with "no near term signs of improvement."
Demand has slumped
The company said the downturn is a result of a drop in demand for workwear.
"Based on preliminary indications and subject to ongoing trading conditions, EBIT and NPAT (before significant items) for the full year are likely to be down, with earnings outcomes largely depended on sales performance and gross margins," chief executive John Pollaers said.
"FY14 will be a year of hard work as we continue to navigate through a difficult and, in many ways, unpredictable consumer and economic market."
The company has its AGM in Melbourne today.