Trading environment remains tough in ANZ, Hallenstein CEO says

GlassonsHallenstein Glasson’s chief executive said the trading environment has remained tough in both New Zealand and Australia, despite the fact that sales have jumped for the first 17 weeks of the financial year.

The NZ-based clothing retailer has posted a 4.8 per cent increase in sales for the first 17 weeks of the financial year compared to the previous corresponding period.

“The trading environment has remained tough in both New Zealand and Australia,” Mark Goddard, Hallenstein CEO, said in a statement.

“It is, however, not possible to reliably forecast the total summer season trading result as the December and January trading periods contribute such a large proportion of sales and profit for the season,” he said.

Last October, the fashion group reported a 58.4 per cent increase in net profit after tax to $27.36 million for the full year to August 1, compared to $17.27 million from the previous corresponding period.

Additionally, the group saw total sales increase 16.2 per cent to $277.64 million for the period.

Goddard earlier 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.

The group’s CEO said the company will provide further trading update at the annual general meeting on December 12.

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