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- Release Date: 28/03/12 11:51
- Summary: HALFYR: HLG: HLG Half Year Result for the period ending 1 February 2012
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HLG
28/03/2012 09:51
HALFYR
REL: 0951 HRS Hallenstein Glasson Holdings Limited
HALFYR: HLG: HLG Half Year Result for the period ending 1 February 2012
HALLENSTEIN GLASSON HOLDINGS LIMITED
RESULTS FOR ANNOUNCEMENT TO MARKET
Reporting period: 6 months to 1 February 2012
Previous reporting priod: 6 months to 1 February 2011
Sales revenue from ordinary activities: $108.57 million +7.9%
Profit from ordinary activities after tax attributable to securiy holders:
$9.028million +26.5%
Net profit attributable to shareholders: $9.028 million +26.5%
Basic earnings per share 15.14 cents (2011 - 11.96 cents)
Diluted earning per share 15.14 cents (2011 -11.96 cents)
Interim dividend 14.5 cents per share
Imputed amount per share 6.2143 cents per share
Record date 13 April 2012
Payment date 20 April 2012
RESULTS FOR 6 MONTHS ENDED 1 FEBRUARY 2012
The Company advises that the unaudited net profit after tax for the six
months ended 1 February 2012 was $9.028 million, and increase of 26.5% over
the prior year ($7.136 million).
Total comprehensive income for the period after fair value adjustments was
$9.764 million ($6.862 million).
Group sales for the 6 months ended 1 February 2012 were $108.57 million, an
increase of 7.9% over the prior year ($100.61 million).
CEO Graeme Popplewell commented that the sales improvement had been achieved
despite a difficult retail environment in both New Zealand and Australia. In
particular record Christmas sales and a strong January had underpinned
performance in the New Zealand market.
It has been particularly pleasing to see the sales improvement in Australia
where we are clearly gaining market share in a very competitive environment.
However there is still some way to go in Australia before we can return a
level of profitability acceptable to the board.
Dividend
The Directors have declared an interim dividend of 14.5 cents per share (last
year 14.0 cents per share.) In addition a supplementary dividend of 2.56
cents per share to those shareholders who are non- resident for New Zealand
tax.
The dividend will be paid on 20th April 2012 to those shareholders registered
as at 13th April 2012.
Segment Results
Glassons New Zealand
Sales +7% (Same store sales +8%)
Profit after tax $4.084 million (2011 $3.443 million) +18.6%
Glassons Australia
Sales +13% (same store sales +13%)
Profit (Loss) after tax -$204,000 (2011 -$652,000)
Hallensteins
Sales +5% (same store sales +5%)
Profit after tax $4.249 million (2011 $3.598 million)
Storm
Sales +27% (same store sales +7%)
Profit after tax $476,000 (2011 $280,000) +69.6%
Property
Profit after tax $423,000 (2011 $468,000) -9.6%
Future Outlook
The first 8 weeks of the new season have shown sales growth of 7%, although
we anticipate it will be a difficult challenge to continue the earnings
momentum over the balance of the financial year. In both New Zealand and
Australia fiscal policy will do little to improve consumer spending, and the
negative impact of reduced government spending is beginning to be felt.
A consumer conditioned to paying less than full price, rising rents, wages,
and the increased cost of goods in particular will present us with some real
obstacles to overcome moving forward. The embedded practice of annual rent
increases in excess of CPI that major shopping centre owners are enjoying is
increasingly making specialty retail in some centres a marginal proposition,
and in common with other retailers we are carefully reviewing our store
portfolio.
Sales on the internet continue to present an opportunity and strong progress
has been made over the past 6 months in growing our sales on the internet. We
will continue to give strong focus to our digital stores which will clearly
become an increasingly significant part of the business in the future.
We are continuing to improve our offer in our bricks and mortar stores, and
invest in our store presentation. Since balance date we have completed
refurbishment of 2 Glassons stores and one Hallensteins store. Storm also
opened a further store in Dunedin on 10th March. At the end of March Glassons
will unveil a newly refurbished store in Queen Street Auckland that will
represent the pinnacle of the brand. In Australia a further Glassons store
was opened in Chapel Street Melbourne on 1st March, and the first Queensland
store will open at Carindale Brisbane on 29th March. Further stores will be
opened in Australia as suitable sites become available.
Graeme Popplewell
CEO
+64 21738728
End CA:00221239 For:HLG Type:HALFYR Time:2012-03-28 09:51:03
