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Hallenstein Shares Jump Most in Six Months on Profit

Aug. 6 (Bloomberg) -- Hallenstein Glasson Holdings Ltd. jumped the most in more than six months in Wellington trading after the clothing retailer said full-year pretax profit rose at least 55 percent as margins improved.

Pretax profit was between NZ$28.3 million ($21 million) and NZ$28.8 million in the 12 months ended Aug. 1, the Auckland-based company said in a statement, citing preliminary results. The stock rose 6.1 percent, the most since Jan. 29.

Margins improved because the company expanded its product range and was less aggressive with its discounting, the company said. A stronger New Zealand dollar boosted returns from the company’s stores in Australia, where sales increased 3.4 percent in the six months through August.

Overall sales rose 2.3 percent in the six months ended Aug. 1. Full-year sales increased 4.5 percent.

Hallenstein rose 22 cents to NZ$3.82 at the 5 p.m. market close in Wellington. The benchmark NZX 50 Index of stocks was unchanged.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.

To contact the editor responsible for this story: Ed Johnson ejohnson28@bloomberg.net

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