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

Largest Drop In Terms Of Trade In A Decade As Dairy Export Prices Sour
By: Statistics New Zealand
Election Boosts October Job Numbers
By: Statistics New Zealand
New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries
By: New Zealand Government
Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd
By: Discovery
Big Year Underway At Albatross Colony
By: Department of Conservation
ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing
By: ASB
Births And Deaths: Year Ended September 2020
By: Statistics New Zealand
NZ Economy Holding Up Well Amongst The Developed World, Forecast To Finish The Year Down 3% On 2019
By: ASB
Govt Goes “hard And Early” On RSE Workers
By: ACT New Zealand
Bringing RSE Workers Back The Right Move
By: Business NZ
Cream Of The Crop Will Get To Market
By: Auckland Business Chamber
Horticulture Industry Appreciates Government’s Decision On RSE Workers
By: Horticulture NZ
Skyrocketing house prices: Economist says Reserve Bank, govt, trying to address pandemic
By: RNZ
NZ Govt Considers Making House Prices Part Of RBNZ Mandate
By: XE Money Transfer
Māori Population Estimates: At 30 June 2020
By: Statistics New Zealand
View as: DESKTOP | MOBILE © Scoop Media