26 Sep 2011

Hallenstein Glasson reports fall in profits

6:09 pm on 26 September 2011

The listed clothing retailer Hallenstein Glasson has announced a fall in its annual profit, which it attributes to being forced to discount stock.

Profit in the year to August 2011 fell 6.6% to $18.3 million compared with the 2010 year.

Group sales fell 0.8% to $205.5 million.

Hallenstein Glasson's chief executive Graeme Popplewell says the financial year has been an exceptional challenge and having to discount stock was frustrating.

However, he says businesses much keep control of their balance sheet and if stock is not selling, then it is important to get ridk of it bring in stock that is acceptable.

Hallenstein Glasson stocks closed Monday's trading up 27 cents to $3.45.