Clothing retailer Hallenstein Glasson Holdings reported a 6.6 per cent decline in annual earnings, blaming unseasonal weather for the lack of demand in some of its lines.
Net profit was $18.5 million, or 30.65 cents per share, in the 12 months ended Aug. 1, down from $22.2 million, or 32.83 cents per share a year earlier, the Auckland-based company said in a statement.
Sales revenue slipped 0.8 per cent to $205.5 million, and the retailer's gross margin fell to 56.52 per cent from 56.95 per cent.
"During February to July, we had to contend with the warmest winter recorded in New Zealand for some time, which was not conducive to apparel sales," chairman Warren Bell said.
"In addition, the Christchurch earthquake resulted in seven of our stores closed for the balance of the season."