Hallenstein full-year profit drops 21% on Glassons Australia loss, weaker menswear

Thu, 22 Sep 2016

By Jonathan Underhill Sept. 23 (BusinessDesk) - Hallenstein Glasson Holdings posted a 21 percent decline in full-year profit, reflecting a loss from its Glassons unit in Australia and weaker earnings from its flagship menswear chain. Profit fell to $13.7 million, or 22.93 cents a share, in the 12 months ended Aug. 1, from $17.4 million, or 29.15 cents a year earlier, the Auckland-based retailer said in a statement. Sales rose 0.9 percent to $223.5 million. Like most clothing retailers, Hallenstein buys in seasonal stock and relies on p...

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