15 Feb 2013

Hallenstein Glasson issues a profit upgrade.

6:50 pm on 15 February 2013

Shares in the clothing retailer, Hallenstein Glasson have gained 3%, after a profit upgrade.

The company's sales rose 6.5% to $116 million in the six months to the beginning of February, compared with the same period a year ago.

The retailer operates the Hallestein, Glassons and Storm chains.

Hallenstein said Christmas and New Year sales were robust in New Zealand, though Glassons sales in Australia have had a more difficult time and not met expectations.

It predicts a full year profit of $10.3 - $10.5 million, an increase of about 15% compared with the previous period a year ago.

It says margins have improved and stock levels continue to be well controlled.