Friday 7th November 2003
|Text too small?|
Fund manager AMP Henderson recently sold down its holding to below 5% as the retail company warned of tough trading ahead while reporting an after-tax profit of $11.4 million for the year August 1.
AMP had built up a $15.8% stake on a strong rising trend in the share price but has since sold down gradually.
The price is still at all-time highs and the stock carries an attractive dividend yield but the promise of future value is fading.
The result came in at virtually the same as last year, on a 1% increase in revenue from $175.1 million to $177 million.
A combination of fierce competition, exchange rate movements and changes in customer shopping patterns, have made it difficult for HLG to expand its business.
The group, which runs the Hallensteins menswear, Glassons womenswear and HBK Girl clothing stores in New Zealand and Australia, has built its store chain steadily but was forced to withdraw its menswear brand from Australia after poor results.
Chairman Warren Bell said the latest result reflected a trading year in which the apparel market had been subject to aggressive discounting as competitors fought for market share.
No comments yet
Heartland Market Update
Steel & Tube Fy20 Trading Update
Further Contract Win Strengthens Scott Technology’s Position In Mining Sector
China’s Assertiveness Is Becoming a Problem for Its Friends, Too
New Talisman - Chairman’s Address to AGM 2020 August 6, 2020
T&G reports its 2020 Interim Results
Gold price hits $2,000 for first time on Covid
TruScreen strengthens its market presence in central and eastern Europe
Refining NZ announces non-cash impairment
Ryman Healthcare COVID-19 update Victoria