Hallensteins Glassons to report higher net profit amid improved sales

Hallensteins Glassons anticipates reporting a higher net profit amid improved sales in the last fiscal year.

In a trading update, the New Zealand-listed trans-Tasman fashion retailer said it expects to report a net profit of between NZ$34 million and $34.75 million (A$31.4 million to $32.1 million) in the fiscal year ended August 1, up from $32 million ($29.6 million) a year ago.

This includes about $1.1 million net non-cash deferred tax expense connected to changes in tax legislation on the deductibility of depreciation on non-residential buildings.

The company saw sales rise 6.3 per cent to $435.6 million. Gross margin also increased by about 200 basis points.

Hallensteins Glassons says it will publish its financial statements on September 30.

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