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.
- Expensive US dollar hitting H&M sourcing costs
- Enthusiasm for tech in outdoor apparel on rise
- 2015: Welcome to the new fashion consumer
- Apparel industry gains traction says IAF chief
- Performance apparel set for continued growth
- Kanati pulls production out of Pakistan
- Sears Holdings cuts 115 corporate jobs
- H&M Q4 mixed but plans 400 new stores
- JC Penney to close 10 Foundry stores
- UK clothing sales see strongest rise in two years
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Outdoor performance apparel: peaks, valleys, and green fields
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Li & Fung Limited (494) - Financial and Strategic SWOT Analysis Review
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead