Hallenstein Glasson 1H profit drops 21%; warns on mild autumn and weaker kiwi

Wed, 23 Mar 2016

By Edwin Mitson March 23 (BusinessDesk) - Clothing retailer Hallenstein Glasson Holdings posted a 21 percent drop in first-half profit and warned that a warm autumn is having an impact on sales in both Australia and New Zealand. Net profit to $6.8 million in the six months ended Feb. 1, from $8.6 million a year earlier, the company said in a statement. Sales rose by 1.4 percent to $112.4 million. The gross margins on sales fell to 56.79 percent from to 60.42 percent. Total expenses fell 1.4 percent as the retailer took steps to preserve m...

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