NEW ZEALAND: Hallenstein Glasson issues second profit warning
Clothing retailer Hallenstein Glasson’s first half net profit is likely to be some 39% down on last year, the company said in its second profit warning in two months.
Graeme Popplewell, CEO of the New Zealand business, said group sales had fallen 10% in December alone, but added that “steps are being put in place” to improve performance.
He added that the impact of December trading on profit was “particularly significant”, resulting in a forecast 39% drop in net profit for the six months to 1 February, to NZD6-6.3m (US$5-5.2m).
The company is due to release full first-half results on 25 March.
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