Glassons owner lifts profit, rejigs stores

Clothing retailer Hallenstein Glasson Holdings has posted a good annual result, despite incurring costs from relocating and refurbishing stores.

Group chief executive Mark Goddard said trading had been tough, particularly in the past six months.

Overall sales for the year ended August 2017 were up 6.9 per cent to $239 million and after-tax profit was ahead 26 per cent to $17.2m. Online sales rose to about 9 per cent of the total.

The company is seeking a replacement for Di Humphries, who resigned as Glassons chief executive this month after taking the helm again in April 2016.

At the end of 2016 the company opened its Christchurch megastore in the $80m ANZ Centre developed by founder and shareholder Tim Glasson. At the same time it closed an underperforming Hallenstein Brothers store at The Hub at Hornby on the outskirts of Christchurch.

In Auckland, a new Hallenstein Brothers shop was opened in Newmarket, and a Glassons store in Glenfield was closed.

In Australia, there were plans for two new Glassons stores, while three were opened, six were being refurbished, and three had closed.

The company closed its single Storm store in Australia and opened one in Queenstown.

It will also refurbish Hallenstein Brothers and Glassons shops at Queensgate in Wellington.

The share price has been volatile this year with a high of $3.60 in May, settling back to $3.10 early this month and currently at $3.30.