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HomeNEWSHallenstein Glasson profit up by 25 percent

Hallenstein Glasson profit up by 25 percent

Hallenstein Glasson has released its annual profit, the clothing retailer reports a 25 percent growth in profit as sales gain seven percent.

Hallenstein Glasson has released its annual profit, the clothing retailer reports a 25 percent growth in profit as sales gain seven percent. 

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Sales rose to $239 million in the 12 months ended August 1, from $223.5 million a year earlier, the Auckland-based retailer said in a statement.

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Net profit was between $17 million and $17.5 million, ahead of $13.7 million the prior year, it said. The company will release its full profit details on September 28.

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Graeme Popplewell was taken over by Mark Goddard in mid-April for spot of Chief Executive. Although the profits for the group continue to rise, the company has stated women’s clothing store Glassons struggled in the last financial year, showing slower signs of growth.

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“Growth was maintained in both sales and profit throughout the second half but at a slower rate than that of the first half of the year,” Goddard said. “The group’s balance sheet remains strong and future cash flow is projected to be positive. Stock levels are also well managed.”

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The profit contrasts to its alarming profit drop of 2016, where profits fell 22 percent in August.

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Its shares last traded at $3.19 and have jumped 27 percent over the past year.

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