New Zealand fashion group Hallenstein Glassons has reported a 6.3 per cent lift in annual sales to August 1, 2024, hitting NZ$435.6 million (~A$402 million).
The fashion group - which manages both Hallensteins and Glassons fashion brands - also reported a boost in gross margin by around 200 basis points.
Group net profit before tax is expected to be within the range of $51.5 million to $52.5 million, up from the prior year of $45.4 million, an increase of approximately 14.5 per cent.
The group’s net profit after tax is expected to be within the range of $34 million to $34.75 million, up from $32 million last year.
“This includes a net non‐cash deferred tax expense of approximately $1.1 million connected to changes in tax legislation on the deductibility of depreciation on non‐residential buildings,” the company reported in a trading update.
“The balance sheet for the group remains strong with significant cash reserves and well‐maintained stock levels, contributing to improved gross margin for the year.
The group will release a full-year detailed trading update on September 30 this year.
Hallensteins operates five retail spaces in Australia, all in Queensland, while Glassons manages around 38 retail locations in Australia. Altogether, including New Zealand, the group operates over 130 stores.
Both fashion brands are in the lower-price market.