Hallenstein Glasson sees profit increase 58.4 per cent
Additionally, the group saw total sales increase 16.2 per cent to $277.64 million for the period.
“The 2017/18 financial year has continued to build on the success of the previous year,” Hallenstein Glasson group chief executive Mark Goddard said.
“The buying strategy, investment in digital and the improvements in customer service and experience that were implemented in 2017 have supported sales and margin growth. Combined with tighter cost control, this has in turn led to significant net profit growth.”
Goddard noted that a focus on fashion, speed to market and customer service was key to the year’s strong performance, and that the group had invested significantly in digital throughout the year.
“As a result of the company’s ongoing investment in digital, online sales growth has improved at a significantly greater rate than bricks and mortar stores,” Goddard said.
“During the last financial year, online sales growth was 63.6 per cent and now represents 12.8 per cent of Group turnover.”
Glassons New Zealand saw annual sales of $96.73 million, an increase of 8.1 per cent, while Hallenstein Brothers sales increased 6.4 per cent to $96.89 million including its three Australian stores.
Glassons Australia saw a 56.7 per cent increase in sales year over year to $78.42 million, with two new stores opening in the area over the course of the year.
Looking forward, Goddard said the first eight weeks of the new financial year have seen sales grow 7.2 per cent on the previous year, and that the group is now focused on delivering a strong Christmas performance.