New Zealand retailer, Hallenstein Glasson, fared less than well over the Christmas period, with group sales for the month of December were down 10 per cent on the prior year,

A statement to the New Zealand Stock Exchange advises shareholders the business has actively undertaken a review of the performance of all brands and identified areas that were a factor in the downturn.

“Steps are being put in place to rectify these areas,” said CEO, Graeme Popplewell.

“The impact December has on profit is particularly significant, and as a result the after tax profit for the six months ending February 1, 2014 is now forecast to be approximately $6 million to $6.3 million, a decrease of 39 per cent on the prior period ($10.3 million),” said Popplewell.

Full results for the six months ending February 1, 2014 will be released to the market on March 25.