Earnings update hits Hallenstein Glasson shares

Wednesday 26th January 2011

Shares in Hallenstein Glasson were knocked back hard in early trading on the New Zealand sharemarket after the clothing retailer said it expected half year net profit to be between 13 and 18% lower than a year earlier.

The company said net profit for the six months to February 1 was projected to be between $7 million and $7.4 million, while sales were expected to be down 1.6% to $100.6 million.

Shortly after the market opened today Hallenstein Glasson (NZX: HLG ) shares were down 21c, or 5.1%, to $3.89, the lowest level in more than four months.

Shares in Restaurant Brands (NZX: RBD ) dropped to $2.40 early, their lowest level in around six months, before making up some lost ground to be down 2c to $2.42, having also fallen 7c yesterday.

Around 10.15am the benchmark NZX-50 index had edged up 0.48 points to 3359.55, after yesterday gaining 6.4 points.

Steel & Tube (NZX: STU ) lost 2c to $2.25, Telecom (NZX: TEL ) was down 1c to $2.30, and Fletcher Building (NZX: FBU ) was unchanged on $7.90.

In the US, stocks staged a late comeback to end flat despite disappointing earnings from blue-chips including 3M and Johnson & Johnson.

Preliminary figures showed the Dow Jones industrial average dipped 0.03% to 11,977.19, the S&P 500 edged up 0.03% to 1291.18, and the Nasdaq Composite gained 0.1% to 2719.25.

NZPA

Comments from our readers

No comments yet