Published 10 July 2008
Hallenstein Glasson Holdings Ltd chief executive Shayne Quanchi said today the group’s sales for the winter season were down 6% as pressure from a deteriorating retail market continued in both New Zealand & Australia.
Mr Quanchi said profit after tax for the full year to 1 August was now expected to be about $15 million, down 30% from $21.3 million last year.Mr Quanchi said the change in the retailing climate was the result of consumer reaction to increased fuel & food costs and higher mortgage interest rates."The current environment is the most challenging experienced for a number of years. There is fierce competition for consumers’ wallets. As a result, margins are being squeezed and every effort is being made to control stock levels. Fortunately our business model is based on high stock-turn, so we expect to end the season with our stock levels in good shape."Hallenstein Glasson expects to release its full-year result on 24 September.
Want to comment? Email [email protected].
Attribution: Company statement, story written by Bob Dey for this website.