KEY POINTS:
Seven months after the resignation of managing director Cliff Kinraid the chairman of Hallenstein Glasson Holdings chairman Warren Bell is still trying to find a leader.
When Kinraid resigned abruptly on May 31 the shares in the trans-Tasman retailer on the NZX cost $5.05 per share and when the market closed yesterday shares were worth $3.75.
Despite the sliding share value and the issues of a profit warning on November 30, Bell said the appointment was important and he was not going to rush.
He was in Australia last weekend interviewing two contenders for and said he was closing on a replacement.
He told last week's annual meeting that he was looking for someone with experience in Australian retail.
Hallensteins - Glassons has limited communications with the market beyond from statements required fort its listing.
Business Herald commentator Bryan Gaynor attended last week's annual meeting and said that Bell only acknowledged the matter after some "pushing and prodding" from people on the floor.
Retail market analysts approached last week had not noticed notification of its annual meetings.
Forsyth Barr retail analyst Guy Hallwright said that the market had become used to Hallensteins lack of communication.
Its approach as an "unreconstructed old style" public company and the lack of detail it provided was unusual compared to other listed retailers.
It had been seen as a well managed company.
But Hallensteins - Glassons had limited room to increase profits because it was already taking high margins, he said.
The Australian market where it aimed to expand Glassons was notoriously tough.
Another analyst who would not be named, said that Hallensteins Glassons Glassons and other apparel retailers would faces a difficult trading this summer.
Kinraid was missed as would be another senior executive - Glassons managing director Diane Humphries who left on December 1 to be replaced by James Whiting.
Since his departure the value of the share has fallen by 24 per cent from $5.05 to $3.80 with the share price falling from $4.34 to $3.80 after a trading update to the NZX on November 30.
Sales for the 17 weeks ended 25 November 2007 were down 1.6 per cent on the same period last year.
Directors cautioned that it is unlikely profit will meet the $9.969 million tax paid profit reported last year for the same period.
In his address to the annual meeting last week, Bell said the retail environment was uncertain because of interest rates, petrol prices and tightening of the New Zealand economy.
A trend to Australian retailers setting up in New Zealand had continued encouraged by major shopping mall owners who had been active attracting tenants to their malls including new ones Sylvia Park and Westfield at Albany, north of Auckland.
While the new stores had been successful, there had been a cost because customers were changing locations.
The group
* Hallenstein: 47 stores
* Glassons NZ: 36 stores
* Glassons Australia: 25 stores
* Storm: 3 stores
