Busy year for Hallenstein Glasson

Last updated 11:23 26/09/2012

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Clothing retailer Hallenstein Glasson saw full year net profit leap 15 per cent as all chains in the group performed well and increased market share.

That was despite an economic environment that chief executive Graeme Popplewell described as "anything but helpful to retail" with delayed fallout from the global financial crisis taking place in the Australian retail market.

Hallenstein Glassons reported net profit after tax of $21 million for the year to August 1, 2012, an increase of 14.97 per cent on the previous year's $18.3m.

Total sales increased 4.91 per cent to reach $215.6m from $205.5m the previous year.

The stock rose 10 cents or 2.17 per cent on the news to trade at $4.71 a share.

The company reported its Glassons New Zealand net profit increased 5.4 per cent, as refurbishment of stores translated into improved sales, while Glassons Australia sales increased 9 per cent, turning a 2011 net loss into a "modest return" in 2012.

Second half profit grew 48 per cent on new store openings and improved distribution.

Popplewell said the Australian business was beginning to show positive returns and further stores would be added as sites became available in selected locations.

Hallensteins net profit after tax soared 17.7 per cent.

"The repositioning of Hallensteins to a more youthful fashionable brand has earned positive results and over the next year we will begin investing in store refurbishments that will underpin the strength of this brand," Popplewell said.

Storm net profit surged 46.7 per cent, with same store sales growing 8 per cent.

Web-based sales were now at a level where they now represented a key store for each brand, Popplewell said.

He said however that while the company was off to a good start for the new financial year with sales growing 7 per cent in the first seven weeks, there was little to suggest a material improvement in the trading environment and consumers remained cautious.

A final dividend of 19c per share will be paid on December 7, bringing the total dividend paid for the year to 33.5c compared with 31c a share last year.

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- © Fairfax NZ News

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