Stepping down ... Sue Morphet.
Pacific Brands, the maker of Bonds underwear, said its full-year loss totaled $450.7 million and that its chief executive Sue Morphet would exit the company.
Profit before interest taxes and significant items came in at $129.1 million, higher than the guidance range of $125 million - $130 million, the company said.
The company's net loss came as it made a non-cash write-down of $502.7 million, including $114 million in the second half of its business year for Homewares and Workwear brands.
The company says market conditions remain challenging and are expected to continue to remain so in fiscal 2013. Sales revenues at the company, whose brands include Sheridan, fell to $1.3 billion from $1.6 billion.
Gross margins are expected to be maintained in line with 2011/12, with import costs stabilising and currency exchange rates largely hedged at competitive rates.
The company says sales performance has been mixed. The underwear division performed relatively well, while workwear, outerwear were lower, and the overall group marginally down.
Ms Morphet will step down from the role of CEO from September 3, handing over the John Pollaers, a former boss of Foster's.
During her tenure as PacBrands' chief from the start of 2008, the company's stock delivered a 76 per cent drop in total returns, compared with a negative-41.5 per cent return for the consumer discretionary sub-index. The overall ASX200 offered a negative-14.6 per cent return over that period, according to Bloomberg.
Ms Morphet oversaw widespread cuts to PacBrands' businesses, which saw the loss of thousands of jobs and the shifting of manufacturing to China.
Write-downs totalled a billion dollars and the company leaders were blasted for the size of their paypackets. Incoming CEO Mr Pollaers will earn $1.4 million in his first year, plus incentives.
Ms Morphet said it was time for "a fresh set of eyes and new energy to take this great company forward".
More soon
BusinessDay with AAP