Auckland-based clothing retailer Hallenstein Glassons saw annual sales increase 16.2 per on last year’s revenue to $277.64 million, according to a trading update released to investors this morning.

Net profit after tax is expected to be within range of $27.10 million to $27.6 million, an increase of approximately 58 per cent on the $17.27 million reached in 2017

The group noted that its balance sheet remains strong, and forecasted positive cash flow, adding that its stock levels are ‘well managed’.

Following the sale of the Storm business assets, Storm retail sales are no longer part of the groups results, which became effective from April 30.

The group will release a full profit release to the market on 28 September 28.

Last month, the clothing retailer announced the appointment of Mary Devine ONZM as an independent non-executive director.