Socks and jocks maker Pacific Brands has upgraded its full year profit guidance by about 10 percent after strong sales growth in its Bonds and Sheridan brands in the June half.
While major retailers such as Woolworths are cutting profit guidance, Pacific Brands said it now expected underlying earnings before interest and tax for the 12 months ending June to come in between AUD63 million (USD48.2m) and AUD65 million, compared with previous guidance of AUD57.4 million to AUD63 million.
The company’s new guidance is ahead of market consensus forecasts of AUD60.1 million.
(Source: The Sydney Morning Herald Online )