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By
Reuters
Published
Aug 4, 2009
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NZ's Hallenstein Glasson says year profit to fall

By
Reuters
Published
Aug 4, 2009

WELLINGTON, Aug 5 - The Directors of Hallenstein Glasson Holdings Limited advise that unaudited sales for the 12 months ended 1 August 2009 were $198.19 million, an increase of 2.3% over the corresponding period.


Storm, a Hallenstein Glasson Holdings Limited brand - Photo: www.hallensteinglasson.co.uk

Sales for the 6 months ended 1 August 2009 were +7.6% on the corresponding period last year. CEO Roy Dillon commented "while sales for the winter season had shown a gradual return of consumer confidence in both Australia and New Zealand, sales had been achieved through aggressive pricing strategy which had been at the expense of margin.

An early start to winter had assisted sales, with May in particular producing strong sales across the board. Sales in Australia had also benefitted from the cash injection the Australian Government had injected into that economy.

Overall our inventories remain within budget, and we will continue to seek to improve market share in what we see as a subdued retail environment over the coming months."

Unaudited net profit after tax for the full year ended 1 August 2009 is projected in the range of $12.2 million to $12.4 million, down approximately 23% on the prior year.

Net profit after tax for the 6 months ended 1 August 2009 is projected to be similar to the same period last year at approximately $6.6 million.

A full profit announcement for the 12 months ended 1 August 2009 will be released to the market on 24th September 2009.

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