Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Hallenstein says annual profit falls 25%

Hallenstein says annual profit falls 25% as second half disappoints

By Paul McBeth

Aug. 18 (BusinessDesk) - Hallenstein Glasson said annual profit fell 25 percent as the listed clothing chain failed to gain enough momentum in the second half to make up for a lacklustre first six months of the year.

Net profit fell to between $14 million and $14.2 million in the 12 months ended Aug. 1, from $18.7 million a year earlier, the Auckland-based company said in a statement. Sales fell 5.5 percent to $208 million. The 25 percent fall in annual earnings is an improvement on the 40 percent slump in first-half profit, and sales fell at a slower pace at 2 percent, compared to 8 percent in the first six months of the financial year.

"Performance for the second half of the year had shown some improvement on the first half results, but momentum had been insufficient to regain ground lost in the first half of the year," chief executive Graeme Popplewell said.

That's the second year Hallenstein will report a fall in profit as,clothing retailers continue to struggle with an unseasonably warm winter sapping demand for their products, and heightened competition from online rivals.

The shares rose 1 percent to $3.05 on Friday, and have dropped 21 percent this year. The stock is rated an average 'hold' based on five analyst recommendations compiled by Reuters with a median target price of $3.37.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Income Equality: Time To Double-Down On Cutting CEO Salaries

With reports of a slow-down in CEO pay rises last year, it’s time for Kiwi corporates to double down on cutting excessive salaries to ensure this is a trend not an accident, said Peter Malcolm, spokesperson for the income equality project Closing the Gap. More>>

Manawatu-Whanganui Projects: PGF Top-Up To Rural Broadband Roll-Out

The government has effectively raided the $3 billion Provincial Growth Fund to top up the budget for the second phase of its rural broadband initiative, filling in mobile 'black spots' and ensuring broadband is available to marae that don't have access now. More>>

ALSO:

Other Windy Cities: Auckland-Chicago Named A Top 10 ‘Most Exciting’ New Route

The inclusion of Auckland-Chicago on Lonely Planet’s Where to fly in 2019? The 10 most exciting new flight routes list comes just two weeks before Air New Zealand prepares to celebrate its inaugural flight to Chicago’s O’Hare International Airport on 30 November. More>>

Deadly Strain: ESR Ups Its Reporting On Meningococcal Disease

The increasing number of cases of Group W Meningococcal disease (MenW) has prompted ESR to increase its reporting on the disease to the Ministry of Health. ESR has upped its reporting to weekly. More>>

ALSO: