Clothing retailer Hallenstein Glassons earnings for the past six months have been savaged by the Covid-19 surges on both sides of the Tasman, forcing it to look for rent relief from landlords.
Photo: RNZ
It said it lost more than 5400 trading days because of enforced Covid-19 closures for its Glassons and Hallenstein stores in New Zealand and Australia.
That resulted in a 6 percent fall in its half-year sales to $170 million, a third of which was online business.
"Where stores were unable to trade due to the various lockdowns, the group has entered negotiations for rent relief support from landlords. While some negotiations have been resolved, others are ongoing," the company said in a stock exchange statement.
The company said it was now expecting its half-year profit to fall at least 40 percent to between $11.1m and $12.1m, which compared with last year's $19.8m profit.
"The balance sheet for the group remains strong and stock levels continue to be well controlled."
It said all stores were now open and operating in accordance with local rules.
