Lingerie and appliance retailer Pacific retail Group (PRG) says its second-half result is unlikely to make up for the negative impacts of its first-half result.
Chairman Maurice Kidd confirmed a number of one-off costs and difficult retail trading conditions would hurt PRG’s first-half result compared to a year ago when it posted a $6.1 million profit.
Kidd said it was too early to tell how significantly this would impact on the full year result.
PRG will not pay a dividend this year, but the group was now relatively fully invested and it might be appropriate to review its policy, Kidd told the annual meeting.
“In the absence of further opportunities to effectively deploy the capital within the business, we may consider dividend payments as existing instruments began reaching their potential,” he said.
Deputy chairman Phil Newland said PRG would continue to seek complementary retail investments, but was intially focussing on integrating Powerhouse into the group.
PRG acquired UK retailer Powerhouse recently, giving it an opening to the Stg 12.5 billion UK appliance market.
PRG, which has interests in Noel Leeming, Bond and Bond, Computer City and Living and Giving stores as well as the Bendon brand, were up 1 cent at $2.38 on minimal volume.
>From NZOOM