Challenging season for menswear chain

Hallenstein Brothers announced it experienced a slow and challenging season resulting in low sales and margins compared to the previous year. The retailer giant Hallenstein Glasson also stated its womenswear chain gained momentum both in New Zealand and Australia. "Sales growth was maintained throughout the second half of the year for both Glassons New Zealand and Glassons Australia," explained Mary Devine, Hallenstein managing director. "But Hallenstein Brothers experienced a tougher season with sales and margin down on the year."

For the 12 months until August 1st, there was a 3.3 percent increase in sales, $286 million, compared to the prior year, $277 million. The net profit is expected to be, after tax, around $27.7 million to $28.2 million. An increase of about two percent when compared to the previous year. Mary Devine added the group's balance sheet and projected cash flow is still strong and stock levels well-managed.