Hallenstein Glasson says profit will drop as NZ sales slide

"Given current trends, profit will be considerably below" the $9.2 million it earned in the first half of last year, the company said in a statement.

Sales in the first quarter fell 6.7%, led by a drop in New Zealand revenue, while in Australia, sales rose 1%. The retailer will give another update at its annual meeting on December 18.

Annual profit sank 26% last year as higher prices for fuel and food sapped consumer spending. In September, chief executive Shayne Quanchi resigned after less than a year in the job, citing unwillingness to commute between Australia and New Zealand.

Shares of Hallenstein fell 2% to $2.40 today and have fallen 36% this year, a period in which the domestic economy fell into its first recession since 1998.

By Jonathan Underhill

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