Pacific Brands has “become an unlikely victim” of the mining slowdown as workwear sales fall.
At the company’s AGM CEO John Pollaers said business-to-business sales had declined and there was “no near-term signs of improvement”.
Pollaers told Fairfax media that PacBrands, like many other companies involved with the resource sector, will have to be focused on managing costs in the unpredictable market.
“Employment growth and turnover remain low, the resource sector continues to slow and governments continue to reduce their spending,” the PacBrands boss said.
The workwear sector, which includes the brands Bonds, Dunlop, King Gee and Hard Yakka, accounts for about a third of Pacific Brands’ business according to Business Day.
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