Hallenstein Glasson upbeat as sales surge but markdowns are minimal
New Zealand-based fashion retailer Hallenstein Glasson is upbeat after reporting that first half sales rose strongly and its profit jumped 63% as a result.
The company’s gross margins headed higher as total group sales in the six months to February 1 reached NZ$146.8 million, up an impressive 19.4%.
And importantly, the company managed to drive sales higher while keeping markdowns under control. The company said that its improved buying strategy was key.
It now says that interim net profit will range from NZ$14.75 million to NZ$15.25 million when it reports it full results next month. That’s up from NZ$9.2 million a year ago and the 63% increase is even better than the 50% jump the firm had predicted as recently as December.
The company owns Glassons, which it describes as “New Zealand’s favourite women’s fashion store,” as well as the Storm chain and menswear specialist Hallenstein.
It has reported a succession of strong results and is also seeing its e-tail sales rising, albeit from a low starting point.
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