National clothing retailer Hallenstein Glassons has lost its Glasson's managing director to children's clothing retailer Pumpkin Patch.
Di Humphries, managing director of the women's clothing chain, has resigned effective from October 31.
The managerial shift was announced this morning as Hallenstein Glassons also forecast a profit of about $20.8 million, a rise of 13 per cent on the year before.
Humphries is taking up a new role at Pumpkin Patch as merchandise and brand director. Humphries has been an executive at Hallenstein Glassons since 1999.
Pumpkin Patch's chief executive Neil Cowie said the company was excited to have someone of Humphries' calibre join the team.
"Her exceptionally strong design, brand development, and general management expertise is well known within the industry. Di will add significant leadership capability to our senior management team.”
Pumpkin Patch was developing longer term strategic initiatives for its brands in Australasia and international markets.
Humphries would help the company execute those strategies successfully and deliver much improved financial results.
Hallenstein Glassons chief executive Graeme Popplewell said Humphries' resignation was unexpected and the company had immediately started an internal and global search for a replacement.
He said over the past two years the company had concentrated on strengthening the Glassons management team and "we are confident the calibre of that team will ensure the business will continue to move forward".
In the interim key executives would report directly to him.
Popplewell said the group had achieved sales for the year to August 1 of $215.6million, a 4.9 per cent increase over sales the year before of $205.5 million.
In an "exceptionally challenging retail environment" all brands has had positive same store growth and grown market share. Gross margins had improved and market anomalies from the Christchurch earthquakes were behind the company.
"Net profit after tax is projected to be in the range $20.4 million to $20.8 million, an increase of approximately 13 per cent," the company said.
Included in pre-tax earnings were $1.9m of insurance proceeds from the earthquakes.
A full earnings release will be provided on September 26.
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