Gazal feels hit of crunch

SYDNEY: Listed apparel group Gazal Corporation has reported a 1.6 per cent decline in sales revenue to $243.5 million, for the year to June 30, 2009, compared to the previous year.

After tax profit for the company was $6.8 million, a drop of 26 per cent from $9.2 million the previous year.

The company said the economic downturn impacted its sales to the department store sector. It also said the sharp decline of the Australian dollar contributed to the drop.

Gazal Corporation owns and licences a number of fashion and lingerie labels including Calvin Klein, Van Heusen, Lovable, Davenport, Crystelle, Nancy Ganz, Trent Nathan, Bisley, Midford and Bracks.