Wellness and beauty retailer BWX has reported a loss of $100 million in its December half, as the CEO steps down citing personal reasons.
The group owns brands including Sukin, Nourished Life, Flora & Fauna, Go-To, Andalou Naturals and Mineral Fusion.
During the six months, sales fell 18.3 per cent to $79.7 million due to overstocking, reduced sales and cash constraints while EBITDA declined to $29.7 million.
Tax-paid profit slumped by $100.8 million which includes a $60.8 million non-cash impairment loss.
By segment, Australian and International revenues were up $41 million due to elevated inventories in the pharmacy channel and cash constraints in the second quarter.
Sales softened overseas in its business in the Americas reaching $32.2 million largely due to discretionary marketing and customer activation.
Digital sales achieved $6.5 million impacted by significant out-of-stock levels and cash constraints through promotional activities.
Former Coles’ chief sustainability, property and export officer, Thinus Keeve, will replace outgoing CEO Rory Gration, effective immediately.
- Further reading: BWX revises full-year earnings after sales dip
