Hallenstein Glasson on Tuesday announced the resignation of group chief executive Mark Goddard. The fashion retail group is now commencing the process of locating and appointing his successor.

Goddard, who joined the company in April 2017, said he wished to spend more time with his family and plans to relocate to be closer to them.

Hallenstein Glasson chairman Warren Bell noted that Goddard has made many notable contributions to the group’s performance during his tenure.

“[Goddard’s] passion and commitment to retail and our business, as our group’s chief executive will be sincerely missed,” Bell said.

The chairman, on behalf of the board, thanked Goddard for his contributions to the company and wished him success for the future.

Hallenstein Glasson reported a 3.1 per cent increase in sales in the first half of FY19 to $151.2 million, compared to the $146.8 million in sales it booked in the previous corresponding period.

The retailer said it expects net profit to fall somewhere between $15.7 million and $16.2 million. It will report the exact figure on March 29.

The business noted it may face a margin squeeze in the half year to Feb 1, due to difficult retail conditions in both New Zealand and Australia.

Shares in the business fell from $4.37 to $4.28 after Goddard’s resignation was announced.