Sharechat Logo

Hallenstein Glasson 1H profit climbs 15 percent on 'robust' NZ sales

Friday 15th February 2013

Text too small?

Hallenstein Glasson, which runs the clothing chains that make up its name, lifted first-half profit 15 percent with a "robust" sales period in New Zealand.

The Auckland-based company said net profit will be between $10.3 million and $10.5 million in the six months ended Feb. 1, from $9 million a year earlier. That's just ahead of Forsyth Barr's forecast of $10 million for reported profit. Sales rose 6.6 percent to $115.7 million, slowing from the 7 percent pace touted after four months.

"Sales over the critical December-January period have been robust in New Zealand, although in Australia the Glassons brand had encountered a more difficult environment and sales had not met expectations for that period," chief executive Graeme Popplewell said. "Overall margins had improved and stock levels continue to be well controlled."

The chain's Australian businesses started to show improvement in the last financial year, with the Glassons chain across Tasman turning profitable on a 9.7 percent gain in annual sales.

The Hallenstein Glasson guidance comes hot on the heels of jewellery chain Michael Hill International, which increased first-half profit 5.9 percent with gains coming from across the Tasman. A local survey yesterday showed New Zealand consumers are more upbeat than they have been in almost three years.

Hallenstein Glasson will announce its full results on March 27.

The shares gained 0.8 percent to $5.32. The stock is rated an average 'hold' based on five analyst recommendations compiled by Reuters, with a median target price of $4.60.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Hallenstein shares fall as margin squeeze pushes annual earnings near bottom of guidance
Hallenstein annual profit falls 11 percent as Glasson margins come under pressure
While you were sleeping Wall Street, Wal-Mart drop
Hallenstein forecasts up to 12 percent drop in FY profit after slow start to winter
Hallenstein Glasson lifts 1H profit 15 percent, sales lag as weather stays warm
Hallenstein says sales rose 7 percent in first 4 months
Hallenstein says FY profit rose as much as 14% on sales, insurance
Hallenstein Glasson 1H profit rises 27%
Hallenstein Glasson Holdings
Hallenstein Glasson expecting a better first-half