Hallenstein Shares Jump Most in Six Months as Profit Surges at Least 55%
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.