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By
Reuters
Published
Sep 29, 2008
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NZ's Hallenstein Glasson year profit falls 25 pct

By
Reuters
Published
Sep 29, 2008

WELLINGTON, Sept 29 (Reuters) - New Zealand clothing retailer Hallenstein Glasson Holdings Ltd reported a 25 percent fall in full year profit on Monday due to tough retail markets and declining consumer spending.

The company said net annual profit for the year to August 1 was NZ$15.86 million ($10.9 million) compared with NZ$21.3 million last year.

Last month the company said it expected net profit to be around NZ$15 million.

It said trading for the first two months of the new trading year were mixed with Australia up but New Zealand lower and overall group sales down 9 percent on a year ago.

It said it doubted it would make the NZ$9.97 million first half profit of last year.

Hallenstein Glasson declared a dividend of 10 cents per share, compared with 18 cents last year.

Shares in Hallenstein Glasson last traded steady at NZ$2.87 and have fallen 26 percent so far this year compared with a 21 percent drop in the benchmark NZSX-50 index .NZ50. ($1=NZ$1.46)

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