AUCKLAND: Hallenstein Glasson acting chief executive Roy Dillon has made good on his commitment to steer the company through the recession.
The clothing retail group has reported a net profit surge of 56 per cent to $8.5 million (A$6.55 million) for the six months ended February 1.
Revenue was up 6.9 per cent on the same period last year to $NZ102.3 million ($A78.79 million), while expenses rose 2.5 per cent to $NZ44.7 million ($A34.43 million).
Chairman Warren Bell said while sales were down 2 per cent for the seven weeks of the new half year, margins were still ahead on last year.
“Other retailers have used the phrase ‘cautiously optimistic’ and in the absence of any major negative economic news we concur with that sentiment."
Acting chief executive Roy Dillion was appointed as acting chief executive in October 2008, with the specific task of steering the company through the recession.
He will resign from his position on March 31, having accepted the position for a finite time only.
Stephen Timms was announced as the new Hallenstein Glasson chief executive in January. Timms' most recent position was group chief operating officer for Australia's Ascendia Retail.
Hallenstein Glasson operates contemporary menswear brand Hallensteins and womenswear labels Glassons and Storm.