Friday 7th November 2003 |
Text too small? |
Fund manager AMP Henderson recently sold down its holding to below 5% as the retail company warned of tough trading ahead while reporting an after-tax profit of $11.4 million for the year August 1.
AMP had built up a $15.8% stake on a strong rising trend in the share price but has since sold down gradually.
The price is still at all-time highs and the stock carries an attractive dividend yield but the promise of future value is fading.
The result came in at virtually the same as last year, on a 1% increase in revenue from $175.1 million to $177 million.
A combination of fierce competition, exchange rate movements and changes in customer shopping patterns, have made it difficult for HLG to expand its business.
The group, which runs the Hallensteins menswear, Glassons womenswear and HBK Girl clothing stores in New Zealand and Australia, has built its store chain steadily but was forced to withdraw its menswear brand from Australia after poor results.
Chairman Warren Bell said the latest result reflected a trading year in which the apparel market had been subject to aggressive discounting as competitors fought for market share.
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes