SurfStitch expects earnings surge

SurfstitchOnline sportswear retailer SurfStitch has lifted its earnings guidance for the year after wrapping up early a restructure of its European business.

The retailer now expects its full year underlying earnings to be $7 million, a 37 per cent increase on its previous guidance of $5 million.

SurfStitch said it revised its earnings guidance after recognising savings it could make from the early completion of the restructure in Europe, which was launched after the group’s acquisition of Surfdome last December.

AAP

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