Zoe Foster Blake-backed BWX runs into fresh trouble | Colin Kruger
BWX, the retailer behind beauty brands like Zoe Foster Blake’s Go-To business, has been forced to delay the release of its financial results until the end of September and may need to restate its earnings for the previous financial year as well.
“BWX requires additional time to prepare the company’s appendix 4E due to certain revenue recognition issues for FY21 and 1H FY22 and the likely impairment of its intangible assets to a level significantly below their carrying value as previously foreshadowed to the market on 28 June 2022,” it told the ASX.
Entrepreneur and author Foster Blake made headlines last year when BWX acquired 51.1 per cent of her business Go-To for $89.9 million cash. It also needed to change business practices that included overloading its sales channel with more goods than its distributors could readily sell to consumers - a practice known as channel stuffing.
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