Hallenstein forecasts up to 12 percent drop in FY profit after slow start to winter

Wed, 12 Jun 2013

June 13 (BusinessDesk) – Hallenstein Glasson Holdings, the clothing chain, said full-year profit may drop as much as 12 percent after a slow start to winter hurt returns from its Glasson stores in Australia, where rivals have cut prices aggressively. Profit may be $18.5 to $19.5 million in the 12 months ending August 1, from $21 million a year earlier, the Auckland-based retailer said in a statement. The forecast confirms the company’s concerns at its first-half results in March, when it said record warm temperatures and intense competition...

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