1 Aug 2008

Profit warning isued by Postie Plus

12:31 pm on 1 August 2008

Postie Plus is expecting even heavier losses than previously earlier forecast.

The retailer, which finalised the sale of its Arbuckles chain for $4 million on Thursday, says restructuring costs and extremely difficult trading conditions will result in a full year loss of between $6.5 - $7.5 million.

That includes a one-off hit from the Arbuckles sale, which will see writedowns of up to $2.6 million.

Chief executive Ron Boskell says most of the losses come from moves to cut inventory costs. He says Postie Plus has not lost market share.