Hallenstein Glasson Christmas sales up 10.7%, early dividend
It's been a strong Christmas for Hallenstein Glasson and the retailer is sharing the wealth with an early interim dividend of 14 cents a share.In a profit guidance issued this morning, the clothing retailer said its sales in the key trading months of Dece
Fri, 29 Jan 2010
It’s been a strong Christmas for Hallenstein Glasson and the retailer is sharing the wealth with an early interim dividend of 14 cents a share.
In a profit guidance issued this morning, the clothing retailer said its sales in the key trading months of December and January were up 10.7% on the previous year.
It said sales for the first half of the financial year were up by 6.7%, with similar results from both its Australian and New Zealand stores.
A squeeze on consumer spending during 2009 had seen margins put under pressure right across the retail sector, but chairman Warren Bell the company had managed to protect and grow its margin.
“Strong trading over this period has ensured our stocks are at very good levels, and we are well positioned to tackle the new winter season.”
The company is now forecasting a 50% increase on net profit for the first six months, with a final figure expected to be in the range of $8.1 million to $8.4 million when it is unveiled in late March.
Today's announcement is not a surprise, with the retailer confident it was "comfortably ahead" of the previous year before the Christmas rush even kicked in.
The sales and profit boost has seen the company increase its interim dividend from 10c last year to 14c, with an entitlement date of March 19.
The company said the early declaration was designed to allow the company to fully utilise imputation credits at 33 cents prior to the end of March 2010.
The end of that month will also see new chief executive Stephen Timms - whose most recent position was group chief operating officer for Ascendia Retail in Australia - step into the role.
Fri, 29 Jan 2010
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