Hallenstein Glasson lifts 1H profit 5.9% as cost cutting offsets skinnier margins

Thu, 28 Mar 2019

By Paul McBeth March 29 (BusinessDesk) - Hallenstein Glasson Holdings lifted first-half profit 5.9 percent as cuts to back-office costs offset skinnier margins from clearance sales. Net profit rose to $16 million in the six months ended Feb. 1, from $15.1 million a year earlier. Lower administration costs of $12.4 million, down from $14.3 million, helped offset a bigger tax bill of $6.5 million. Revenue grew 3.1 percent to $151.2 million but gross margin shrank to 59.7 percent from 61.5 percent, leaving gross profit flat at $90.2 mil...

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