It posted a net loss of $225 million last year. This year, it took a lesser beating at $98 million.
Pacific Brands has revealed its performance for the full year ended June 30.
While sales revenue was up 5.4 per cent to $789.7 million, the result was whitewashed by $139 million in writedowns during the first half.
Pacific Brands CEO David Bortolussi said the company is better placed for the future.
“Pacific Brands is now higher quality, simplified business with a leading brand portfolio and greater potential growth,” said CEO, David Bortolussi.
“The company has a strong balance sheet and is debt free for the first time in its history.”
Bonds and Sheridan continued to be strong performers, with comparative store sales up 20 per cent and 13 per cent respectively.
Sales of Bonds socks and underwear reached $357 million, an increase of $41 million on the year prior.
Bortolussi said Bonds' profit doubled in fiscal 2015, with a store rollout on track via 18 openings during the year.
The retail channel has helped Bonds sales direct to public reach 33 per cent, up from 13 per cent two years ago.
The figure looks set to increase with new sales avenues in place.
The brand has brokered its first concession arrangement with Myer to showcase its new Bonds Sport range from November.
A new Sheridan kids and baby range has also been developed for launch in new David Jones concessions.
The launch will roll out across 35 stores, providing additional trading space opening from October 20.
Additionally, the company has secured a joint venture for Berlei which has launched the brand in the UK and Europe.
This will leverage Serena Williams' global endorsement of Berlei sports bras.