Shares in the owner of Katies stores are getting crushed

Image: Wendell Teodoro/WireImage

Shares in Specialty Fashion, the owner of women’s fashion stores Millers, Katies, Crossroads, Autograph, City Chic and Rivers, fell hard in early trade.

A short time ago, they were down 25% to $0.34.

The company posted a full year loss of $8.39 million on a 2.1% slide in revenue to $808.91 million. Comparable sales fell 2%.

Underlying EBITDA increased by 6.6% to $26.7 million. Net debt reduced by $5 million to $8.3 million.

Online sales now account for 10.4% of total revenue, or $83.7 million.

“Despite it being a difficult trading environment, the improved EBITDA for the year was delivered through our core continuous business improvement strategy,” says CEO Gary Perlstein.

“This strategy is focused on profitability growth across all facets of the business, underpinned with a determination to control and reduce costs of doing business wherever possible.”

The numbers for 2017:

Source: Speciality Fashion

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