Directors announce that the unaudited Net Profit after Tax for the 6 months ended 1 February 2007 was $9.969 million ($10.903 million), a decrease of -8.6 percent.
Total sales for the period were $100.721 million ($100.173 million), an increase of 0.6 percent.
This result confirms the profit guidance released to the NZX on 22nd January 2007.
The result reflects a particularly challenging summer season for apparel in both New Zealand and Australia due to a cooler than usual summer, with more favorable weather only commencing at the very end of the season.
Sales in New Zealand were $85.904 million, a decrease of -1.1 percent, although on a same store basis, sales declined -7.0 percent. In Australia sales increased 4.0 percent (in Australian dollars), and same store sales were also -7.0 percent.
During the period a total of 3 stores were opened in New Zealand, with Glassons opening in Whangarei and both Glassons and Hallensteins opening in Sylvia Park (Auckland). Since balance date Glassons have opened a further store in Queenstown. Initial trading results in both Whangarei and Queenstown have been very positive.
In Australia one new store was opened in Spencer Street Melbourne.