Hallenstein Glasson, which operates the Hallensteins, Glassons and Storm clothing chains in New Zealand and Australia, expects first half earnings to rise by about a third after robust Christmas trading.
Post-tax earnings may rise to between $NZ8.1 million ($A7.54 million) to $NZ8.3 million ($A7.73 million) in the six months ending February 1, from $NZ6.2 million a year earlier, the Auckland-based company said.
Hallenstein expects earnings to rebound following a 40 per cent slump in first half profit last year when increased rivalry during the summer season pushed down prices.
During the latest summer season from August 2014 through to January 2015, sales were up 3.8 per cent on the year earlier, the company said.
“Sales over the key Christmas trading period have been robust, and January has continued to show positive growth over the prior year in both New Zealand and Australia,” CEO, Graeme Popplewell, said.
December sales were eight per cent ahead of the year earlier “with January results continuing in a similar vein”, he said.
Shares in Hallenstein last traded at $3.16 and have declined 9.7 per cent the past year.
BusinessDesk
