Hallenstein Glasson annual profit lifts about 25% as sales gain 7%
Hallenstein Glasson Holding, the clothing retailer, posted a 7 percent increase in annual sales and said profit was about 25 percent higher than the previous year.
Sales rose to $239 million in the 12 months ended Aug. 1, from $223.5 million a year earlier, the Auckland-based retailer said in a statement. Net profit was between $17 million and $17.5 million, ahead of $13.7 million the prior year, it said. The company will release its full profit details on Sept. 28.
The retailer's fortunes are lifting after profit fell by a fifth last year as a decline in the kiwi dollar made imports more expensive, squeezing its margins, while its women's clothing chain Glassons struggled. New chief executive Mark Goddard took over at the helm in mid-April, replacing long-serving Graeme Popplewell who ended 46 years at the company.
"Growth was maintained in both sales and profit throughout the second half but at a slower rate than that of the first half of the year," Goddard said. "The group's balance sheet remains strong and future cash flow is projected to be positive. Stock levels are also well managed."
Its shares last traded at $3.19 and have jumped 27 percent over the past year.