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Strong Christmas boosts Hallenstein profit

NZ Newswire logoNZ Newswire 2/02/2017 Sophie Boot

A strong Christmas trading season has helped Hallenstein Glasson Holdings boost first-half profit rose about 34 per cent.

Group sales rose 9.4 per cent to $122.9 million in the six months to February 1, with an 11 per cent gain over the critical December period.

The clothing retailer said net profit for the period was between $9m-$9.2m, up from $6.8m a year earlier, in a statement to the NZX.

Hallenstein said its balance sheet was strong and stock levels were well controlled. Its detailed first-half results and dividend will be released on March 30.

The retailer had a tough 2016 with annual profit down 21 per cent to $13.7m, after a decline in the kiwi dollar made imports more expensive, squeezing its margins.

At its annual meeting in December, chairman Warren Bell told shareholders the appointment of Di Humphries to head Glassons has helped turn it around, and that unfavourable forward foreign exchange cover had largely been consumed.

In late 2016, the company replaced long-serving chief executive Graeme Popplewell with Mark Goddard, who has 27 years of international retail experience.

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