INDEPENDENT NEWS

Hallenstein Glasson says FY profit edges up

Published: Mon 12 Aug 2019 01:11 PM
Hallenstein Glasson says FY profit edges up as Glassons maintains sales growth
By Paul McBeth
Aug. 12 (BusinessDesk) - Hallenstein Glasson Holdings said annual profit rose about 2 percent as its womenswear chain maintained sales momentum on both sides of the Tasman but its menswear stores struggled.
The company said net profit was $27.7-28.2 million in the 12 months ended Aug. 1, with sales up 3.3 percent at $286.7 million. Last week, the retailer said it will also book a $1.1 million gain on the sale of a downtown Wellington property.
"Sales growth was maintained throughout the second half of the year for both Glassons New Zealand and Glassons Australia but Hallenstein Brothers experienced a tougher season with sales and margin down on the year," group managing director Mary Devine said in a statement.
When reporting its first-half result in March, the clothing retailer said winter season sales were encouraging, but warned the trading environment remained challenging.
Devine said the retailer's balance sheet and projected cash flows remain strong, and that stock levels remain well managed.
When taking over the reins in April, she was tasked with continuing to build digital customer engagement, controlling costs, and improving market share in New Zealand and Australia. E-commerce accounted for 14 percent of group sales in the first half.
Like other apparel chains, Hallenstein Glasson has had to contend with increasingly strong competition from cheaper online rivals such as Asos and it ditched its Storm branded stores in 2018 to focus on its two namesake brands.
The shares are up 1.7 percent at $5.39 and have climbed 29 percent so far this year, outpacing a 21 percent increase on the S/NZX All Index over the same period.
(BusinessDesk)
ends
BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk
Email:

Next in Business, Science, and Tech

New era for Air New Zealand’s International Network
By: Air New Zealand
Government invests in Te Reo, environmental data research
By: New Zealand Government
27 percent increase in Trades Academy places
By: New Zealand Government
NZ company fined NZ$36,000 for unsolicited messages
By: Department Of Internal Affairs
EDS calls for urgent action on marine management
By: Environmental Defence Society
E tū: changing times as Air NZ cuts London services
By: E tu
Te Hiku Media awarded $13 million for language platform
By: Te Hiku Media
Bridges' officials claimed failed tech 'transformational'
By: RNZ
Using Data to Give Our Rivers a Voice
By: Seed The Change
Satellite-based remote lake health monitoring solution
By: Seequent
Government announces next steps in skills gap plan
By: New Zealand Government
Jacinda Ardern - Speech to CTU biennial conference
By: New Zealand Government
ITF welcomes additional vocational training places
By: Industry Training Federation
More Trades Academy places good news for primary sector
By: Primary ITO
Supported employers key to trades training review says MTA
By: Motor Trade Association
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media