Hellaby writes off $26.9 mln goodwill on struggling shoe stores

Thu, 31 Jul 2014

Footwear has been a laggard for Auckland-based Hellaby, contributing to a 21 percent drop in first-half profit. Today the company said excluding the non-cash impairment, full-year earnings before interest, tax, depreciation and amortisation would be $54 million and net profit would be $25 million, the forecast it gave in May. The final dividend would be calculated on that basis, it said. The impairment "Hellaby’s board and management believe this decision will leave the carrying value of each retail company at a level more reflective of...

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