OrotonGroup
(ASX:ORL) has released its 1H17 results, which its CEO, Mark Newman said were “very disappointing”.
The luxury fashion accessories company posted a 52% drop in NPAT to $1.8 million.
Its overall group revenue fell 10% to $67.1 million, due to discontinued categories and lower sales at Factory Outlets and its GAP stores.
OrotonGroup says its EBITDA was down 44% to $5 million. Its EPS fell 52% to 4.5 cents, and the company will not be paying an interim dividend.
Regarding its outlook, Oroton says sales are still negative, but have improved in the last 7 weeks. And its focus for the rest of the year is continuing to grow the core Oroton retail business, re-setting the GAP brand and rejuvenating its Factory Outlet business.
This morning, Oroton shares are tracking 5.73% lower at $1.48. One year ago, its share price was worth almost double at $2.92.
