Despite the challenging economic and retail market conditions throughout the half year, Specialty Fashion Group has been able to turn around its financial performance.
Specialty Fashion Group expects to end the half year on a higher note than it did last year.
Specialty Fashion Group will no longer licence for La Senza, a sister brand of Victoria Secret.
Specialty Fashion Group has announced their intentions to appoint Megan Quinn as a non-executive director, effective 30 October 2012.
Specialty Fashion Group continues its store rationalisation program to close or exit underperforming stores, which has resulted in the company reporting a net loss for the 2012 financial year of $2.8 million.
Specialty Fashion Group has managed to strengthen both its store portfolio and online presence, which has helped increase the company's revenue for the six month period to 30 June 2012 to $265 million.
Specialty Fashion Group has appointed Ashley Hardwick and Michael Hardwick as non-executive directors.
Specialty Fashion Group has announced the resignation of Wai Tang as a non-executive director who has served on the board since October 2010.
Specialty Fashion group continues to pursue its business online as it targets to close up to 120 stores over the next three years.
Specialty Fashion Group will be looking to "rationalise" 120 of its bricks and mortar stores over the next three years as it looks to focus on its other channels.
As part of completing its acquisition of Rebel Group from Archer Capital, Super Retail Group has appointed Erica Berchtold as managing director of sports retailing.
Specialty Fashion Group has confirmed that revenue for the year ended 30 June 2011 of $574.2 million and EBITDA of $40.6 million, in line with profit guidance announced in July.
This comes after the company announced that heavy discounting and rising cotton prices resulted seeing the women's fashion operator's net profit for the first half of the year drop 37 per cent from $26.6 million to $16.8 million.
The main concern for Specialty Fashion Group is the impact that the Queensland floods will have on its business as it continues to face challenging trading conditions.
Sold to private investors, including the management of the brand, the company said the deferred consideration of $1.5 million cash will be paid over a period of three years.
Specialty Fashion Group, which owns six retail clothing brands including Katies and Queenspark, has ceased sourcing products from Burma.