Pacific Brands Limited (ASX:PBG) has swung to a $38.9 million half year net profit, up from a $362 million loss in the same period last year.
Growth in the clothing retailers underwear brands were offset by weak sales in its workwear brands, contributing to a 6.6 per cent dip in sales for the period.
Pacific Brands says the major restructuring which caused its loss in the first half of fiscal 2012 is now delivering results despite challenging economic conditions.
The company says earnings outcomes will be largely dependent on market conditions and associated sales performance and implementation of the new strategy over time, however may be impacted by ongoing restructuring.
Pacific Brands will pay a fully franked interim dividend of 2.5 cents per share.
PBG Price at posting:
78.0¢ Sentiment: None Disclosure: Held
