Hallenstein drops as revenue falls

Photo / Paul Estcourt

Hallenstein Glasson Holdings' shares fell 17c, or 4.1 per cent, to $3.98 after it revealed a drop in revenue, even though its Australian stores are performing well.

The clothing retailer said yesterday that group sales for the 17 weeks to May 29 fell 2.4 per cent on the same period last year.

"We are already witnessing aggressive discounting in the speciality fashion sector and we anticipate trading conditions in the remaining two months of the financial year will be difficult," the company said.

Australian stores posted a 6.1 per cent increase in Australian dollar terms, while the exceptionally mild winter in New Zealand during May has seen turnover fail to match last year's. The company closed seven stores after the Christchurch earthquake.

- NZPA