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Shares in Pacific Brands Limited (ASX:PBG) surged more than 14 per cent yesterday after the lifestyle brands retailer announced it would buy back up to 10 per cent of its stock.
The news came on the same day the company revealed a full year net loss of $132 million, compared to a profit of $53 million the year before.
Pacific Brands fiscal 2011 result was weighed down by non-cash impairment charges and restructuring costs.
Before significant items the company’s profit rose 14.5 per cent to $103.4 million.
Pacific Brands has warned that current weak retailing conditions are likely to cut into its fiscal 2012 earnings.
An interim dividend of 3.1 cents per share has been declared, taking the total payout for the year to 6.2 cents.
