HLG Full Year Results for the period ending 1 August 2022

Results announcement

Results for announcement to the market
Name of issuer Hallenstein Glasson Holdings Limited
Reporting Period 12 months to 1 August 2022
Previous Reporting Period 12 months to 1 August 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $351,214 0.1%
Total Revenue $351,214 0.1%
Net profit/(loss) from continuing
operations
$25,605 -23.2%
Total net profit/(loss) $25,605 -23.2%
Final Dividend
Amount per Quoted Equity Security $0.24
Imputed amount per Quoted Equity
Security
Nil
Record Date 9 December 2022
Dividend Payment Date 16 December 2022
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$1.51 $1.49
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
For further information refer to the attached:
 Group CEO’s announcement
 Financial Statements and the Independent
Auditor’s Report
Authority for this announcement
Name of person

authorised to make
this announcement
Stuart Duncan
Contact person for this
announcement
Stuart Duncan
Contact phone number +64 21 528 184
Contact email address Stuartd@glassons.com
Date of release through MAP

30 September 2022

Audited financial statements accompany this announcement.

---

Distribution Notice





Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Hallenstein Glasson Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code HLG
ISIN (If unknown, check on NZX
website)
NZHLGE 0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 9/12/2022
Ex-Date (one business day before the
Record Date)
08/12/2022
Payment date (and allotment date for
DRP)
16/12/2022
Total monies associated with the
distribution
1

$14,315,775 based on the number of units on issue at
the date of the form
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.24000000
Gross taxable amount
3
$0.24000000
Total cash distribution
4
$0.24000000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed No imputation



1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

N/A
Imputation tax credits per financial
product
$0.00000000
Resident Withholding Tax per
financial product
$0.07920000
Section 4: Distribution re-investment plan1 (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Stuart Duncan
Contact person for this
announcement
Stuart Duncan
Contact phone number +64 21 528 184
Contact email address stuartd@glassons.com
Date of release through MAP

30/09/2022





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

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New Zealand Stock Exchange Listing Rules 
Disclosure Full Year Report 
 
 
For the year ending 1 August 2022 
 
 
 
Contents 
 
Media Release 
Results Announcement  
Audited Financial Statements & Audit Report 
Distribution Notice

---

30 September 2022 
 
HALLENSTEIN GLASSON HOLDINGS LIMITED 
 
RESULTS FOR FULL YEAR ENDED 1 AUGUST 2022 
The Company advises that Group sales for the 12 months to 1 August 2022 were $351.21 million which 
were +0.1% up on the prior year ($350.76 million).  
The audited net profit after tax for the 
12 months was $25.61 million, a decrease of ‐23.2% on the prior 
corresponding period ($33.32 million).   
Overall, to achieve sales on par with the prior year was pleasing given the numerous challenges faced in 
the year.  During the first six months of the year sales were adversely impacted by the numerous 
lockdowns in both New Zealand and Australia, with stores closed and 5,432 trading days lost, resulting in 
a decrease of ‐6.2% on the prior year. 
Sales for the six‐months ended 1 August 2022 were up 6.6% on the same period last year as all stores 
remained open throughout the 
season.  During this period the business was faced with a difficult trading 
environment with the Omicron surges impacting on staffing and customers shopping habits, particularly 
in the New Zealand market.   
The Gross Margin held steady during the year at 57.6% compared to 57.4% in the prior year.  The 
exchange rate was
 improved in the first half of the year but declined considerably in the second half.  
There was a focus placed on negotiating better prices with suppliers which helped to hold margin, but 
this was off‐set by increased freight costs and shipping delays resulting from the ongoing global impact of 
COVID‐19. During the financial period significant effort was made to reduce operating costs and inventory 
levels were well managed to preserve liquidity.  The higher inventory balance at year end is due to goods 
in transit at the balance date in order to ensure certainty of product availability during the upcoming
 
peak trade period. 
Glassons  
Australia 
Sales in Australia were $156.94 million which was an increase of +17.43% on the corresponding period.  
Net profit after tax was $19.11 million, an increase of +16.4% on the prior corresponding period ($16.42 
million). 
During the year, a new store was opened in Marion, Adelaide 
in September 2021.  This is the first store in 
South Australia and has been very successful since its opening.  New stores were also opened in Penrith, 
New South Wales in March, and in Canberra, Australian Capital Territories in April.  The Burwood, Sydney 
store was closed in March. The business continues to
 look for opportunities for new stores in Australia 

 
with a number of sites currently under review, to support planned growth.  A store in Macarthur Square, 
Sydney has been opened post year end in September 2022, while the Pacific Fair store in Queensland has 
been extended and refurbished.  Further refurbishments are planned in the next six months. Additional 
office and
 studio space was taken adjacent to the current Fulfilment Centre in Sydney to ensure adequate 
space was in place to support the expected future growth of the Australian operations.  
New Zealand   
Sales in New Zealand for the year were $104.37 million, a decrease of ‐12.96% on the prior year.  Net 
profit after tax was $4.08 million, a decrease of ‐64.7% on the prior corresponding period ($11.55 
million).  
Over the last year the North West store in Auckland was refurbished in July, and the Invercargill store was 
relocated to the new Invercargill Central mall in June.    
With the ongoing large increases in online sales there has been significant investment in digital.  The 
Glassons app is undergoing continuous enhancements and now has more than 850,000 downloads.  
Glassons continues to maintain a strong brand position in the markets it operates in, supported by our 
focus on the latest trends with sustainability in mind. Digital 
is at the forefront of customer service and 
engagement, both online and instore.  
Hallenstein Brothers 
Sales for the 12 month period were $89.91 million (including Australia), a decrease of ‐7.50% on the prior 
period. Net profit after tax was $2.09 million, a decrease of ‐56.6% on the prior corresponding period 
($4.82
 million). 
During the year our Nelson store was refurbished in May and new fixtures to better display product were 
rolled out to key stores.   
Sales were significantly impacted by the lockdowns in the first half of the year, particularly due to the 
number of demand driving events such as weddings 
and festivals that were cancelled or postponed over 
the summer months.  Hallensteins has continued to see strong growth in casual categories and the team 
has maintained their focus on the current trends and must have products.  Growth in the Australian 
operations in the second half of the year has been pleasing,
 and it is great to see the improvements made 
to the website and our social media channels creating engagement with our customers in both New 
Zealand and Australia. 
E‐Commerce 
Online sales grew over the period by 16.1% against the prior year with significant growth experienced 
during periods of store 
closures. Online sales now represent 27.88% of total sales for the full financial 
year, up from 24.04% in the prior year.  Growth in online sales is expected to be more difficult in the 
coming year as we compare against prior periods that included substantial lockdowns.  

 
Investment continues in digital to ensure we are ahead of the market in our functionality and technology 
as well as our web fulfillment in Distribution Centers. There is also focus on digital marketing and 
customer experience to continue to accelerate our online sales growth.  
Dividend 
The Directors have declared a final
 dividend of 24 cents per share (not imputed) (24 cents per share 
partially imputed last year) to be paid on 16th December 2022. Together with the interim dividend of 18 
cents per share that was paid on 14th April 2022, the full year dividend is 42 cents per share. The 
dividend payment is able to be maintained as the Company’s balance sheet continues to be strong, and 
inventories well controlled. 
Future Outlook 
The first eight weeks of the new financial year have seen Group sales improve by +68.49% on the prior 
year. Last year there were multiple store closures for much of the 8 week period across Australia and 
New Zealand due to lockdowns, so the percentage increase is not directly comparable. The Group is 
looking forward to a year of comparably minimal Covid interruptions and refocusing on its key strategies 
of quality on‐trend product, speed to market, customer service 
and investment in digital.  However, there 
remains margin pressure caused by the USD exchange rate and the higher than normal freight costs.  
There have also been increases in operating costs due to inflationary pressure.  The Group is now focused 
on ensuring our performance for the key peak trading months ahead.  
A
 further update will be provided at the Annual Meeting of Shareholders in December 2022. 
 
Stuart Duncan 
Group CEO 
+64 21 528 184