30 Sep 2015

Hallenstein Glasson profit rises by 22 percent

2:43 pm on 30 September 2015

Clothing retailer Hallenstein Glasson has reported a 22 percent lift in its annual profit on the back of solid gains for its menswear stores

The company made a net profit of $17.4 million for the 12 months to July, with sales rising 6.5 percent and increased returns from its Hallenstein, Storm and online sales.

There was a sharp fall in the profits for the Glassons stores in New Zealand, which has been put down to a change of management, but the chain has stopped losing money in Australia.

It said sales for the first eight weeks of the new trading year were ahead of last year's performance, although the crucial Christmas sales season will dictate the longer term result.

And the company noted the fall in the New Zealand and Australian dollars was also putting a squeeze on profit margins and there was not much ability to compensate by raising prices in a competitive markets.