NATIONAL: Direct sale business Undercoverwear has recorded a loss of $2.3 million for the 2009 financial year - a sharp slide from the $3.7million profit it posted last year.
Revenue at the fashion, underwear and lifestyle company fell to $25 million, down from a total of $33.7 million in 2008 and $43.9 million in 2007.
In a statement to shareholders, Undercoverwear directors described the loss as "disappointing" but said a number of initiatives would be introduced to combat a drop in turnover.
This included permanent reductions in operating costs, changes in freight operations and the implementation of new IT systems.
"The main focus in this forthcoming year will be on the growth of our independent sales consultant numbers and therefore increasing sales revenue."
The company had no debt and approximately $2 million positive cash at bank at the time of press.