Pacific Brands announces surprise profit upgrade

Pacific Brands has announced an upgrade in its predicted earnings for the full year.

The earnings guidance was revised up from between $57.4 million and $63 million to between $63 million and $65 million for 2014/2015.

Sales for the year to June were up 5.3 per cent. There was a strong performance from the Bonds and Sheridan brands, which together make up two-thirds of business.

Pacific has had “several turbulent years” notes AAP, and sold its workwear division to Wesfarmers last December for $180 million, following the sale of its Dunlop Volley, Hush Puppies and Clarks footwear brands to Anchorage Capital Partners.