6 Aug 2010

Profit upgrade issued by Hallenstein Glasson

12:29 pm on 6 August 2010

Rising sales and improving margins have prompted Hallenstein Glasson to issue a profit upgrade.

The listed retailer reports sales worth $207 million in the year to the end of August, up 4.5% on the previous year.

Hallenstein Glasson expects to make a pre-tax profit of $28.2 - $28.8 million, an increase of about 56% on last year.

It says the increased profit is due to improved margins, achieved through less aggressive discounting, an improved product range, and a stronger New Zealand dollar.

Shares in Hallenstein Glasson were unchanged at $3.60 at midday on Friday.