18 Dec 2009

Retailer tips higher half year result

3:37 pm on 18 December 2009

Hallenstein Glasson says it could beat last year's first half year profit of almost $5.5 million if sales continue to remain strong in the run-up to Christmas and over New Year.

Shareholders at the clothing retailer's annual meeting in Christchurch were told total sales rose 5% between August and the end of last week compared with the same period last year.

Chairman Warren Bell said trading over the next few weeks wil be critical to the company's full year earnings.

Although it was difficult to give an accurate projection for the first half profit, he said it could be comfortably ahead of last year's if the current sales trend continues.

Meanwhile, he said the retail environment appears to be stable, but he expects the recovery to be slow.

The company plans to refit its key Glassons stores in New Zealand and in Australia over the next year.