Hallenstein Glassons sees 15pc interim profit rise
Fashion retailer Hallenstein Glasson says its first-half profit will be up about 15 per cent year-on-year to between $10.3 million and $10.5m, thanks to strong sales in New Zealand.
The New Zealand performance countered disappointing sales for women's fashion chain Glassons in Australia.
In a trading update posted to the NZX the retailer said group sales for the six months ending February 1 rose 6.6 per cent to $115.7m.
"Sales over the critical December/January period have been robust in New Zealand although in Australia the Glassons brand encountered a more difficult environment and sales had not met expectations for that period", chief executive Graeme Popplewell said.
The retailer said it had improved overall margins in the period and stock levels continued to be well-controlled.
The company will announce its final half-year result and interim dividend on March 27.
Shares in Hallenstein Glasson last traded at $5.32 on the NZX, up 40 per cent on this time last year.