I am a small Hallenstein shareholder. They have done badly of late, but so has every other clothing retailer. I think though that they have responded well to the economic climate by running down inventories and paying down debt.
I am a bit worried about the large dividend staying. It should go
PROFIT GUIDANCE AND INTERIM DIVIDEND DECLARATION
The Company advises that sales for the key trading months of December and January to date have been + 10.7% on the prior year.
Sales for the first half of the financial year from 2 August 2009 to 24 January 2010 are +6.7% on the prior year.
Chairman of Directors Warren Bell commented “sales results in both New Zealand and Australia have been similar. We have experienced consistent demand from our customers to our offer during this key trading period, and we have been able to protect and grow our margin. Strong trading over this period has ensured our stocks are at very good levels, and we are well positioned to tackle the new winter season.”
Net profit after tax for the full six months ended 1 February 2010 is projected to be in the range $8.1 million to $8.4 million, a 50% increase on the prior year.
A full six month release will be provided to the NZX on March 25th 2010.
The directors have declared an interim dividend of 14 cents per share, (prior year 10 cents) payable on 26th March 2010. Entitlement date is 19th March 2010. The interim dividend has been declared early to allow the company to fully utilise imputation credits at 33 cents prior to 31 March 2010. 7 cents of the dividend will have imputation credits at 33 cents, and the balance at 30 cents. In addition a supplementary dividend of 2.4706 cents per share will be paid to shareholders who are non resident for New Zealand tax purposes.
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