The owner of General Pants has reported a $27.2 million net loss and negative equity of $28.8 million for the year ended June 2025, as the group completes a sweeping divestment program that has left the youth fashion retailer as its only remaining key asset, alongside private label Insight.
Over the last two years, the company discontinued its apparel-centric National Geographic operations, sold off Ginger & Smart and SurfStitch, and early this year had sold its Lego Store portfolio.
The company’s FY25 report, filed with ASIC and obtained by Ragtrader, claimed that the Lego portfolio was a profitable asset.
When the report was filed to ASIC in early April this year, the directors confirmed that year-to-date, Lego Certified Stores in AU/NZ continued to “grow strongly”, while turnaround steps have been set in place for General Pants to restore it to profitability.
The $27.2 million net loss after tax in FY25 included a non-cash intangible impairment charge of $13.26 million. The total net loss is a slight improvement from FY24 when it was down $29.6 million. Last year’s loss included a $7.7 million loss after tax from discontinued operations, but no reported impairment charges.
The FY25 impairment charges included $10.56 million in goodwill, and $2.7 million in brands and trademarks.
Excluding non-recurring impairment charges, Alquemie’s FY25 operating loss of $16.49 million would have been just $3.23 million, down from an operating loss of $16.2 million in FY24.
The bottom line movements come as total sales for the group lifted by around several million dollars to $108.3 million, alongside a very slight drop in cost of goods sold which was $122.36 million in FY25.