Retail giant Specialty Fashion Group (SFG) will close 15 more stores before June 30.
The company, which looks after brands such as La Senza, Millers, Katies and Autograph, today released its revenue for the six months to December 31, 2011.
The $307 million revenue results, which indicate a drop of 0.5 per cent for the first half of the 2012 financial year, matched the figures revealed in January's guidance.
EBITDA was $21.9 million and net profit for the half year was $6.2 million. In light of the 'challenging' retail period and the results, SFG, which has about 900 stores across Australia and New Zealand, will continue with its store rationalisation program.
A spokesman said that having already closed seven stores since January, a further 15 stores will be closed by June 30.
“The company expects the challenging trading conditions to continue throughout the 2012 financial year. However, the targeted strategic initiatives in relation to e-commerce, customer relationship management and the supply chain, are progressing well,” a spokesman said.