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Pac Brands upgrades profit guidance

bondstorePacific Brands has upgraded its forecast full year earnings thanks to the continued strong performance of retail brands, Bonds and Sheridan.

For the 12 months ending June 30 2015, Pacific Brand’s EBIT before significant items is expected to be between $63 million and $65 million, with sales growth of 5.3 per cent, up from the previous forecast of between $57.4 million and $63 million. Net debt is expected to be cash positive at $1 million.

Pacific Brands attributed the better than expected performance to “the continued strong performance of Bonds and Sheridan retail, disciplined margin management and cost control and further action on corporate costs following the divestments. This has been partially offset by challenges in the discount department store channel.”

Pacific Brands will release its full year financial results August 25, 2015.

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