30 Jan 2010

Hallenstein Glasson sales up

5:49 am on 30 January 2010

Shares in Hallenstein Glasson rose on Friday after the clothing retailer reported a jump in first half sales and forecast its half year profit would climb by half.

The company, which has stores in New Zealand and Australia, says sales rose 7% in the six months to January.

Over the key Christmas and New Year period, sales jumped by 10%.

Hallenstein Glasson says demand for its clothing has been consistent and margins have risen.

It says stock levels are good and it's in a good position for prepare for the upcoming winter season.

The retailer expects a half year profit of between $8.1 million and $8.4 million, an increase of 50% on the same period a year ago.

It will pay investors a dividend of 14c a share compared with 10c last year.

The company's share price rose 35c to close at $3.60 on Friday.