19 Jan 2015

Hallenstein Glasson issues profit upgrade

1:42 pm on 19 January 2015

The clothing retailer, Hallenstein Glasson, has issued a profit upgrade after a strong Christmas period.

That pleased investors, with its share price jumping as much as 14 percent.

The 2013 Christmas period proved terrible for Hallenstein Glasson's, which the company blamed on poor planning and buying.

It appears to have learnt its lesson.

The retailer said sales over Christmas 2014 had been robust on both sides of the Tasman, rising 8 percent in December compared with the same period a year ago.

The company said results had continued in a similar vein this month.

For the summer season of August to January, Hallenstein's chief executive Graeme Popplewell said sales rose 3.8 percent.

The company is picking earnings after tax of between $8.1 and $8.3 million dollars for the six months to the beginning of February, a third higher than the same period a year ago.

At midday, Hallenstein's share price was at $3.50 per share.

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