Hallenstein Glasson Holdings has posted a record yearly profit for the end of the financial year, boasting an increase in profit of $9.2 million that stands in contrast to its alarming profit drop of a year ago.
After profits plunged 22 percent in August of 2016, the rise in share prices to 15.4 cents per share is a achievement for the Auckland-based apparel retailer.
Hallenstein Glasson’s predicted outcome for the financial year ending February 1 was $9 million - the company has achieved its goal and some.
Not only has profit increased for the group, but sales gained 9.4 percent to $122.9 million, while selling, distribution and administration expenses rose 7.6 percent to $59 million.
The retailer was pleased to say that profits rose to $9.2 million, or 15.4 cents per share, in the six months ended February 1, from $6.8 million, or 11.43 cents, a year earlier.
Di Humphries, chief executive of Hallenstein Glasson, has said improvements will hopefully be seen heading further into winter months.
Since the return of Humphries, Glassons’ first-half sales and profits improved in Australia and New Zealand, although the group's menswear chain Hallenstein Brothers and fashion brand Storm were weaker.
Humphries joined Hallenstein Glasson as CEO in April 2016 after a stint at the ailing children's clothing chain Pumpkin Patch. She has previously been Glassons’ managing director and an executive director of Hallenstein Glasson.
After 25 years’ experience in New Zealand retail sector, it is not surprising that under Humphries’ leadership, the company has continued to profit.
Despite Hallenstein Glassons’ overall success, the Hallenstein Brothers fell in profit, falling 34 percent to $3.6 million as sales slipped 2.1 percent to $46.9 million.
Hallenstein Glasson will pay a first-half dividend of 14.5 cents per share on April 13, up from the 13.5 cent payment last year.
Its shares rose 3.3 percent to $3.49 and have gained 20 percent over the past year.