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Hallenstein Glasson profit shrinks

Mar '07
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.

Hallenstein Glasson Holdings Limited

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