Hallenstein Glasson hopeful of profit rise

Photo / Richard Robinson

Clothing retailer Hallenstein Glasson Holding's first half profit could be "comfortably ahead of last year", chairman Warren Bell says.

That advice was based on current sales trends, but Bell told the company's annual meeting today that because the next few weeks were so critical for the result the company was unable to give an accurate first half profit projection.

The retail environment appeared to be stable, and Hallenstein Glasson had its sights set on a slow and steady climb back to turnover levels of a couple of years ago, he said.

"We have been able to recover some of the margin we lost last year, but again have some way to go before getting back to levels of two years ago."

Total group sales for the period between August 2 and December 13 were tracking at an increase of 5 per cent.

The outlook for 2010 was difficult to predict, Mr Bell said, but he believed the New Zealand and Australian economies were well placed to continue to recover.

- NZPA