Specialty Fashion Group turns corner but still cautious

SmartCompany /

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.

Inside Retailing


SmartCompany is the leading online publication in Australia for free news, information and resources catering to Australia’s entrepreneurs, small and medium business owners and business managers.