Hallenstein posts half year increase in sales

GlassonsClothing retailer Hallenstein Glasson posted an increase in half year sales and an expected rise in net profit.

The retailer revealed sales in the first half ending February 1 were up 3.1 per cent to $151.2 million from $146.8 million in the previous corresponding period.

The company, which owns the Hallenstein menswear and Glassons womenswear chains, said it is expecting net profit to be about 6 per cent higher for the six months and will come in at $15.7 million to 16.2 million, up from $15.1 million the previous year.

Mark Goddard, company CEO, said in a brief statement the balance sheet for the group remains strong and stock levels continue to be well controlled.

The company said its full announcement with earnings statement including dividend declaration will be released to the market on March 29.

Hallenstein warned in December 2018 it might face a margin squeeze in the six months to February 1, amid tough trading conditions in both New Zealand and Australia.

The NZ-based retailer posted an increase of 58 per cent in annual net profit last year after selling its unprofitable Storm womenswear retail chain and imposing stricter cost controls.

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