Hallenstein says annual profit falls 25% as second half disappoints

Sun, 17 Aug 2014

By Paul McBeth Aug. 18 (BusinessDesk) - Hallenstein Glasson said annual profit fell 25 percent as the listed clothing chain failed to gain enough momentum in the second half to make up for a lacklustre first six months of the year. Net profit fell to between $14 million and $14.2 million in the 12 months ended Aug. 1, from $18.7 million a year earlier, the Auckland-based company said in a statement. Sales fell 5.5 percent to $208 million. The 25 percent fall in annual earnings is an improvement on the 40 percent slump in first-half profit...

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