Hallenstein shares drop to 4-year low as profit warning highlights ailing rag trade

Thu, 16 Jan 2014

By Paul McBeth Jan. 17 (BusinessDesk) - Shares in Hallenstein Glasson sank to a four-year low after the clothing chain slashed its first-half earnings outlook on tepid Christmas sales, in another sign the rag trade is struggling to recover from a protracted downturn. The stock dropped 8.6 percent to $3.20 and earlier touched $3.10, the lowest since December 2009, adding to yesterday’s 18 percent slide when the Auckland-based company warned earnings will fall to between $6 million and $6.3 million in the six months ending Feb. 1 from $10.3 m...

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