Hallenstein Glasson Holdings Limited (NZX: HLG) Trading Update and Profit Forecast

Thursday 17th February 2022

The Company advises that total Group sales for the six-month period ended 1 February 2022 were $170.6 million, a decrease of -6.2% over the prior corresponding period ($182.0 million).

Group unaudited profit after tax is projected to be in the range of $11.1 million to $12.1 million (prior year $19.8 million).

During the half, trade in a number of stores continued to be disrupted by COVID 19 resulting in 5,432 lost trading days. All of the Glassons Victoria (12) and New South Wales (14) stores were closed from the start of the financial year until they reopened in October 2021. The Queensland stores for both Glassons (7) and Hallenstein Brothers (4) were also closed for the first week of the financial year. In New Zealand all Hallenstein Brothers stores (42) and Glassons stores (36) were closed from 18 August to 7 September, with Auckland stores remaining closed until 9 November. Hamilton and Whangarei stores were also further impacted after the initial lockdown.

Where stores were unable to trade due to the various lockdowns, the Group has entered negotiations for rent relief support from landlords. While some negotiations have been resolved, others are ongoing.

Online sales continue to play an integral part and account for 33% of Group sales in the first half.

With the current COVID settings in both New Zealand and Australia, all stores across the network are open and operating in accordance with local government regulations, prioritising the health and safety of our employees and customers.

The balance sheet for the Group remains strong and stock levels continue to be well controlled.

A full announcement with 6 months financial statements including a dividend declaration will be released to the market on 25 March 2022.

Please see the link below for details

HGH LTD Trading Update and Profit Forecast 17.2.22

Source: Hallenstein Glasson Holdings Limited

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