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Glassons buoys Hallenstein Brothers through half year

Sales at fashion firm Hallenstein Glassons jumped 13.6 per cent in the six months to February 1st, reaching $181.9 million.

And, despite the fact gross margin fell to 56.5 per cent due to increased freight costs, net profit hit $19.8 million – 28.6 per cent higher than the same period a year prior.

The group’s two brands, Hallenstein Brothers and Glassons, experienced the opposite ends of the sales spectrum. Hallenstein Brothers seeing sales fall 1.2 per cent to $51.7 million, with demand for tailored fashion falling due to the ongoing impact of the pandemic, but the overall result was buoyed by strong performance at Glassons.

In New Zealand, sales at Glassons grew 14.5 per cent to $61.8 million, while sales in Australia jumped 26.9 per cent to $68.4 million.

“Both Glassons businesses have continued to show strong growth in what is a challenging and ever-changing environment,” group managing director Mary Devine said in a release to the market.

“Although the trading environment in both New Zealand and Australia remains challenging, and with the uncertainty of Covid-19 ever present, it is encouraging that group sales for the first 7 weeks of the Winter season are +17.8% ahead of the same period last year.”

The business declared an interim dividend of 23 cents per share to be paid on 16 April.

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