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- Release Date: 27/03/13 10:54
- Summary: HALFYR: HLG: HLG Half Year Result for the period ending 1 February 2013
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HLG
27/03/2013 08:54
HALFYR
REL: 0854 HRS Hallenstein Glasson Holdings Limited
HALFYR: HLG: HLG Half Year Result for the period ending 1 February 2013
HALLENSTEIN GLASSON HOLDINGS LIMITED
RESULTS FOR 6 MONTHS ENDED 1 FEBRUARY 2013
The Company advises that the unaudited net profit after tax for the six
months ended 1 February 2013 was $10.371 million, an increase of 14.9 % over
the prior corresponding period ($9.028 million).
Total comprehensive income for the period after fair value adjustments was
$10.339 million ($9.764 million).
Group sales for the 6 months ended 1 February 2013 were $115.73 million, an
increase of 6.6% over the prior year ($108.57 million).
Group CEO Graeme Popplewell commented "The first half of the year has seen
some significant improvements over the prior year. Hallensteins have
continued to re-position the brand and that strategy has now begun to deliver
strong results. Net profit after tax for Hallensteins increased 21.2% and we
have a very positive outlook for that brand.
Storm continued to outperform the market, delivering same store growth of
27%, while net profit after tax increased 72.7%. Later this year we will open
our first Storm store in Australia in Chapel Street, Melbourne. .
Glassons in New Zealand continued to play a leading role in the New Zealand
market, lifting net profit after tax 12.8%. Australia has been a challenge
and sales over the December, January period did not meet expectations. Given
the positive growth we achieved earlier in the year this was disappointing
however we remain positive about our future in this market. During the period
we incurred $NZD 500,000 for store relocation and restructuring in Australia.
In the period under review we incurred a net loss after tax of $600,000 in
Australia.
Our ecommerce business has continued to grow to meet the demands of the
change in consumer purchasing habits. Sales on the web have continued to see
strong growth and we will continue to invest and place emphasis on this
channel."
Dividend
The Directors have declared an interim dividend of 16.0 cents per share (last
year 14.5 cents per share.) In addition a supplementary dividend of 2.82
cents per share to those shareholders who are non- resident for New Zealand
tax.
The dividend will be paid on 19th April 2013 to those shareholders registered
as at 12th April 2013.
Segment Results
Glassons New Zealand
Sales +2% (Same store sales +2%)
Profit after tax $4.605 million (2012 $4.084 million) +12.8%
Glassons Australia
Sales +13% (same store sales -1%)
Profit (Loss) after tax -$600k (2012 -$204k)
Hallensteins
Sales +6% (same store sales +8%)
Profit after tax $5.149 million (2012 $4.249 million) +21.2%
Storm
Sales +39% (same store sales +27%)
Profit after tax $822k (2012 $476k) +72.7%
Property
Profit after tax $395k (2012 $423k) -6.6%
Future Outlook
The first 7 weeks of the new season have been a challenge with record warm
temperatures making it difficult to get traction for the winter season both
in Australia and in New Zealand. Group sales are down -1% on the prior year,
but as the cooler weather has started that trend has begun to reverse. We do
not expect the retail environment to show any significant uplift, and are
working on the premise that conditions will be very competitive.
Our sales on the internet continue to grow and together with investing in key
stores we will continue to ensure our brands are at the forefront of our
competitors.
Graeme Popplewell
CEO
+64 21738728
End CA:00234588 For:HLG Type:HALFYR Time:2013-03-27 08:54:54
