Radio New Zealand - Te Reo Irirangi o Aotearoa

Retailer's shareprice drops despite optimism

Updated at 11:09 pm on 20 August 2012

Hallenstein Glasson expects profits to rise by 13% to between $20.4 million - $20.8 million this year.

The clothing retailer, which operates the Hallenstein, Glasson and Storm chains, says group sales for the year to August were almost $217 million, 5% higher than last year.

Chief executive Graeme Popplewell says turnover at its stores in Christchurch has bounced back to levels before the earthquakes.

Included in the pre-tax earnings is an insurance payout of $1.9 million, down from last year's $3 million.

"Each of the businesses within our group has performed very well against their peers in the market," he says.

"We've also had some reasonably good results in Australia as well ... that's a particularly difficult market.

"I think probably our products are just what the customer wants just now," Mr Popplewell says.

The company's share price fell more than 2% on Monday - down 9 cents to $4.30.

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