Hallenstein Glasson reports a strong start
Clothing retailer Hallenstein Glasson has reported a strong start to the financial year.
Sales for the four months ended November 30 were 7 per cent higher and profitability was also ahead of last year, as the company continues to invest in its stores and build its brand.
The group's annual net profit surged 15 per cent to $21 million for the year to August 1, as the group's Glassons, Hallensteins and Storm brands increased their trans-Tasman market share.
On Friday the company will pay a final dividend for the year of 19 cents per share.
Together with the interim dividend already paid of 14.5 cents per share, total dividend will be 33.5 cents per share, up from 31 cents per share last year.
The stock last traded about 0.2 per cent higher at $5.08 a share.
Chief executive officer Graeme Popplewell told shareholders at the company's annual meeting in Auckland that the company would continue to invest in refitting existing stores and open new stores but then only in very good locations.
The retailer plans to open one Storm and one Hallensteins store in Australia during the 2013 calendar year, subject to site availability.
There was also "considerable scope" to add further stores for Glassons in Australia but only in "very good locations" as there was "no longer any place for ‘another store in another mall' ".
The company would continue to invest in key stores, refitting its Glassons in Sylvia Park in Manukau, and Queensgate in Lower Hutt. It would also refit Hallensteins at Sylvia Park. That would be followed by the refit of a further tranche of stores in the second half of the year.