Fashion house Hallenstein Glassons has delivered a year of growth in a difficult market, with group sales almost 22 per cent up to $333 million and net profit hitting $31.7 million – 20 per cent higher than FY20.
This compares to a period of time in which most of the business’ stores were shuttered, though efforts were made in FY21 to rectify this impact: the launch of a Glassons App and the establishment of a US-based website to sell direct to its international customers.
“Overall the sales growth experienced compared to the prior corresponding period was pleasing in an extremely challenging environment,” said group chief executive Stuart Duncan.
“All brands experienced strong growth as stores reopened from the 2020 lockdowns, with the group’s inventory management ensuring that our stores were well stocked with product the customers wanted.”
Sales in the group’s brands Glassons and Hallenstein Brothers grew throughout the year, 16.88 per cent to $114 million for the former and 9.8 per cent to $92.7 million at the latter.
Online sales grew 31 per cent throughout the year to make up 24 per cent of the group’s total sales, and online sales have continued strong into the new financial year.
Overall, however, sales at the group have fallen 18.9 per cent since the beginning of FY22, driven by store closures across Australia and New Zealand.
“With a date for reopening the Auckland stores still uncertain, and with NSW and VIC expecting to open in October and November respectively, the Group anticipates profitability in the current year will be adversely impacted compared to the period just completed,” Duncan said.