Tuesday 4th November 2008
|Text too small?|
"Given current trends, profit will be considerably below" the $9.2 million it earned in the first half of last year, the company said in a statement.
Sales in the first quarter fell 6.7%, led by a drop in New Zealand revenue, while in Australia, sales rose 1%. The retailer will give another update at its annual meeting on December 18.
Annual profit sank 26% last year as higher prices for fuel and food sapped consumer spending. In September, chief executive Shayne Quanchi resigned after less than a year in the job, citing unwillingness to commute between Australia and New Zealand.
Shares of Hallenstein fell 2% to $2.40 today and have fallen 36% this year, a period in which the domestic economy fell into its first recession since 1998.
No comments yet
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 Glasson 1H profit climbs 15 percent on 'robust' NZ sales
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