NATIONAL: Specialty Fashion Group has reported a sales increase of 4.2 per cent for the financial year to June 30, 2009, in comparison to the previous year.
The group, which owns a number of womenswear brands, recorded sales of $560.6 million following a strong second half to the year.
It reported that it achieved a net profit after tax of $22.6 million, up 6.3 percent from $21.1 million the previous year. It reduced its net debt from $37.9 million to $25.8 million.
Throughout the year the company was rocked by the discovery of fraudulent expenditure by a staff member, which had cost it approximately $16.7 million over five years.
Specialty Fashion Group owns fashion brands Millers, Autograph, Crossroads, Katies, City Chic and Queenspark. It has 843 stores and employs over 5000 staff.