Retail woes hit Specialty Fashion

Specialty Fashion Group, whose chains include Millers, Rivers and City Chic, has posted a slight dip in full year profits as consumers retreated into their shells after the release of the federal budget and rising unemployment added to the uncertainty swirling around the retail sector.

The company today said revenue for the group was up 20. 3 per cent to $685 million - helped by the Rivers acquisition - with comparative store sales for the year down 0. 7 per cent.

Specialty, which now has 1095 stoires in its portfolio had total online sales of $31. 2 million for the year, or 4. 6 per cent of total revenue, an increase of 42. 5 per cent on last year.

The company also said Tuesday as it released its full-year results, which showed a fall in profit to $12. 5 million from $13 million, said it had slimmed down its final purchase price of the Rivers group which it originally had agreed to pay $5 million for last November.

In June it was revealed that alleged conman Andrew Flanagan, who lied on his resume to get a top executive job at department store Myer, had also been briefly employed by Specialty to work as a consultant on the Rivers business.

Read more here: SMH


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