HLG - Hallenstein Glasson
Another retailer has issued a profit downgrade
The Directors advise that group sales for the key trading period of December and early January have been equal with last year. This represents an improvement on the trend of -2% advised to the market 11th December 2006.
Total group sales for the period 2 August 2006 to 22 January 2007 are -1% on last year, with same store sales -7%, which reflects a challenging summer season due to unfavorable weather conditions for apparel.
Stock levels are well controlled, and the company is well positioned to move forward into the new winter season.
Net profit after tax for the full 6 months to 1 February 2007 is projected to be in the range $9.8 to $10.0 million, down approximately -10% on the prior year ($10.9 million).
I'm a long term holder of HLG, so not too worried by this announcement as HLG is still a very well run company