Specialty Fashion Group turns corner but still cautious
Friday, February 15, 2008/
Specialty Fashion Group has unveiled a 5% lift in half-year net profit to $19.5 million, however the clothing retailer says it will not be immune to a slowdown in consumer spending.
Group sales rose 7.2% to $288.7 million, while comparable store sales rose less than 1% – below the group’s 3% to 4% growth target.
MD Gary Perlstein said the group had seen a weakening in recent weeks following a strong January sales period.
“We are not immune and we will be affected if there is any more of a slowdown,” Perlstein said.
Specialty Fashion Group acquired retailers Queenspark and Big City Chic last year, lifting total store numbers to 807. The group plans to open 25-30 stores in 2008, including more than 50 Queenspark stores over the next few years.