Clive Peeters doubles loss to $12 million

Clive Peeters doubles loss to $12 million

Retailer requests trading halt on ASX after finding accounting discrepancies

ASX-listed retailer, Clive Peeters (ASX: CPR) will post an operating loss of $11 million to $12 million for the full financial year to June 30.

The news comes after the retailer requested a trading halt on the ASX after discovering accounting discrepancies.

The new loss forecast is double initial estimates of $4.5 million to $5 million announced to the market on July 1.

In a statement the company said it did not expect the accounting mistakes to impact its results in the 2010 financial year.

The retailer offers a range of computers and technology products – including notebooks, desktops, gaming consoles, and MP3 players – along with other whitegoods and home appliances.

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