HLG Interim Report for 6 months ended 1 February 2024

HALLENSTEIN GLASSON HOLDING LIMITED | INTERIM REPORT 2024
CONTENTS
GROUP CEO
REPORT
STATEMENT OF
COMPREHENSIVE
INCOME
STATEMENT
OF FINANCIAL
POSITION
02
04
05
STATEMENT
OF CHANGES
IN EQUITY
STATEMENT OF
CASH FLOWS
NOTES TO
THE FINANICAL
STATEMENTS
06
07
09

1
CONTENTS
06
07
09

HALLENSTEIN GLASSON HOLDING LIMITED | INTERIM REPORT 2024
2
GROUP
CEO
REPORT

3
HALLENSTEIN GLASSON HOLDING LIMITED | INTERIM REPORT 2024
THE COMPANY ADVISES THAT UNAUDITED TOTAL
GROUP SALES FOR THE SIX MONTHS TO 1 FEBRUARY
2024 WERE $223.0 MILLION, COMPARED TO $223.3
MILLION IN THE PRIOR CORRESPONDING PERIOD.
GLASSONS
Sales in Australia were $107.1 million for
the six-month period, which were up +4.1%
against the prior corresponding period.
Despite difficult market trading conditions,
we experienced growth throughout the
half, particularly in the key Black Friday and
Christmas trading periods. Net profit after
tax was $10.9 million.
During the season a new store was opened
in Knox, Victoria. Post reporting period, a
second store in Adelaide has been opened
in Rundle Mall in March. Further store
refurbishments are planned for the second
half of the financial year as we continue
to assess potential new sites throughout
Australia which meet our commercial
requirements.
Sales in New Zealand were $57.1 million,
which were down -5.8% against the same
period last year, reflective of a tougher
trading environment compared to Australia.
Net profit after tax was $5.7 million.
Following a challenging first quarter, it was
pleasing to see a strong Christmas trading
period, with a return to sales growth in
physical stores in the second quarter.
During the season the Albany store was
relocated to an improved location driving
improved performance, and our Christchurch
CBD store was relocated and opened in
November 2023. The Blenheim store was
closed at the end of October 2023.
Despite the challenging economic
environment, particularly in New Zealand,
Glassons continues to refine and adapt
to changing market conditions, bringing
relevant and desirable product at speed to
market. Australia remains a focus growth
market, as we continue to increase our brand
awareness and penetration.
HALLENSTEIN
BROTHERS
Sales were $58.8 million for the six-month
period (including Australia), with sales
declining -1.7% against the same period last
year, however at a significantly improved
gross margin at 58.8%, +440bps. Net profit
after tax was $4.5 million, an increase of
+24.6% on the prior corresponding period
($3.6 million). During the season, our new
store concept design was rolled out in the
Manukau store and delivered strong growth.
Our Garden City store in Queensland,
Australia moved to a new location and
opened in November 2023, and a new pop-
up store in Robina, Gold Coast was opened
in the lead up to Christmas.
E-COMMERCE
Digital sales have decreased slightly to 17.3%
of total Group sales for the six-month period,
down from 18.1% in the same period last year.
Customers have continued to return to the
physical in-store experience which has seen
the demand for online shopping normalise
compared to the prior period, although
well above pre-pandemic levels. There is a
continued focus on digital marketing across
the Group to drive engagement across all
channels and ensure that customers enjoy
a true omnichannel experience. The Glassons
App continues to be very successful, while
significant work has been undertaken on
both the Hallensteins and Glassons web
shops to improve the look and the customer
experience.
DIVIDEND
The Directors have declared an interim
dividend of 24 cents per share (partially
imputed at 45%) (last year 24 cents per
share partially imputed at 45%) to be paid
on 18 April 2024. The dividend payment
is able to be maintained due to the strong
balance sheet and inventory position.
FUTURE OUTLOOK
Overall trading for the beginning of the
winter season has been positive, with Group
sales for the first seven weeks +8.3% ahead
of the same period last year. We have
benefitted from a number of events, festivals
and major international acts performing
in New Zealand and Australia, supporting
demand for our product ranges across both
Glassons and Hallensteins. Full year to date
sales are now 1.4% ahead of the same time
last year.
Whilst this is a pleasing start to the winter
season, we are conscious of the significant
challenges that are expected to continue
for the remainder of the financial year given
the current economic environment in New
Zealand, Australia and globally. Given the
current circumstances we do expect the
Australian trading environment to remain
stronger than that of New Zealand. Cost
efficiencies are being made where possible.
We will maintain our focus on delivering
fashionable, on-trend, high quality products
to our customers, and progressing on our
sustainability program. In addition, ongoing
investment in our people, digital experiences
and physical stores will position us well to
adapt to the market changes ahead.
Group unaudited net profit after tax (NPAT)
was $21.1 million, an increase of 1.5% over
the corresponding period last year ($20.8
million). The result is in line with the guidance
announced to the NZX on 22 February 2024.
Gross margin on sales was 58.9% compared
with 56.5% in the prior corresponding period.
The improved profitability at the margin level
has been driven by ongoing sourcing benefits
with our long-standing supplier relationships,
and the development of new relationships to
diversify our supplier base. Net freight costs
reduced throughout the period leading to a
reduced landed cost of product. Inventory
management has been improved, with lower
clearance levels year on year reducing overall
discounting. These factors have assisted
us in improving margin while continuing to
manage a strong US Dollar exchange rate
throughout the half.
During the six months to 1 February 2024
there was a continued focus on operating
cost efficiency given the high inflationary
environment. Inventory levels were tightly
controlled and ended the period lower than
both the prior corresponding period and
the prior year end. This gives the Group the
flexibility to adjust to the trading environment
and trends as the market evolves.
The balance sheet remains in a strong
position with improved working capital
compared to the prior corresponding period
and significant cash reserves.
Consistent with the 1 August 2023 financial
statements, the below segment results
include a change in methodology for
intercompany charges to reflect brand
value provided by New Zealand for the
benefit of Australia, internal procurement
and management services. While not
affecting Group profit before income tax,
these charges have impacted profit of
the segments reported and are therefore
not directly comparable to the prior
corresponding period segment results.
SEGMENT RESULTS
CHRIS KINRAID
GROUP CEO

4
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2024 (UNAUDITED)
SIX MONTHS
ENDED
1/2/24
SIX MONTHS
ENDED
1/2/23
$000’s
NOTE
Sales revenue 222,954 223,293
Cost of sales(91,707) (97,087)
Gross profit 131,247 126,206
Other operating income 122 124
Selling expenses(75,398) (72,127)
Distribution expenses(7,583) (7,283)
Administration expenses(17,470) (16,329)
Total expenses2.2(100,451) (95,739)
Operating profit 30,918 30,591
Finance income 895 501
Finance expense(1,963) (1,579)
Profit before income tax 29,850 29,513
Income tax expense(8,704) (8,688)
Net profit after tax attributable to the shareholders
of the Holding Company
21,146 20,825
Other comprehensive income
– Items that will not be reclassified to profit or loss
Increase in share option reserve 36 73
– Items that may be subsequently reclassified to profit or loss
Fair value loss (net of tax) in cash flow hedge reserve(983) (3,774)
Total comprehensive income for the year 20,199 17,124
Earnings per share
Basic and diluted earnings per share 35.45 34.91
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

5
STATEMENT OF FINANCIAL POSITION
AS AT 1 FEBRUARY 2024 (UNAUDITED)
NOTE
AS AT
1/2/24
AS AT
1/2/23
AS AT
1/8/23
EQUITY
Contributed equity 28,892 27,805 28,140
Asset revaluation reserve 26,526 24,894 26,526
Cashflow hedge reserve 16 (3,142) 999
Share option reserve 95 301 294
Retained earnings 47,407 43,403 40,362
Total equity 102,936 93,261 96,321
Represented by
CURRENT ASSETS
Cash and cash equivalents 43,011 36,164 32,478
Trade and other receivables 555 213 318
Advances to employees 695 189 160
Prepayments 5,133 5,399 5,431
Taxation Receivable 1,481 - -
Inventories3 22,765 28,472 31,005
Derivative financial instruments 594 38 1,452
Total current assets 74,234 70,475 70,844
NON-CURRENT ASSETS
Property, plant and equipment4 59,608 53,198 56,367
Right of use assets 63,896 64,641 65,285
Investment property 3,208 3,372 3,208
Intangible assets 913 648 717
Deferred tax 7,068 9,457 6,148
Total non-current assets 134,693 131,316 131,725
Total assets 208,927 201,791 202,569
CURRENT LIABILITIES
Trade payables 9,154 7,962 8,104
Employee benefits 8,552 8,425 7,294
Other payables 11,318 10,913 13,888
Lease liabilities 25,361 24,308 25,147
Derivative financial instruments 572 4,456 47
Taxation payable - 424 590
Total current liabilities 54,957 56,488 55,070
NON-CURRENT LIABILITIES
Lease liabilities 51,034 52,042 51,178
Total liabilities 105,991 108,530 106,248
Net assets 102,936 93,261 96,321
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.
$000’s

6
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2024 (UNAUDITED)
$000’s
SHARE
CAPITAL
TREASURY
STOCK
ASSET
REVALUATION
RESERVE
CASH
FLOW
HEDGE
RESERVE
SHARE
OPTION
RESERVE
RETAINED
EARNINGS
TOTAL
EQUITY
Balance at 1 August 2022 29,279 (1,474) 24,894 632 228 36,894 90,453
COMPREHENSIVE INCOME
Profit for year - - - - - 20,825 20,825
Cash flow hedges net of tax - - - (3,774) - - (3,774)
Increase in share option reserve - - - - 73 - 73
Total comprehensive income - - - (3,774) 73 20,825 17,124
TRANSACTIONS WITH OWNERS
Dividends
- - - - - (14,316)(14,316)
- - - - - (14,316)(14,316)
Balance at 1 February 2023 29,279 (1,474) 24,894 (3,142) 301 43,403 93,261
COMPREHENSIVE INCOME
Profit for year - - - - - 11,152 11,152
Revaluation net of tax - - 1,632 - - - 1,632
Cash flow hedges net of tax - - - 4,141 - - 4,141
Increase in share option reserve - - - - 62 - 62
Total comprehensive income - - 1,632 4,141 62 11,152 16,987
TRANSACTIONS WITH OWNERS
Sale of treasury stock - 303 - - - - 303
Transfer of share option reserve
to retained earnings
- - - -(69) 69 -
Dividends - 86 - - - (14,230)
(Gain)/loss on sale of treasury
stock transferred to retained
earnings
- (54) - - - 54 -
Total transactions with owners - 335 - - (69)(14,193)(13,927)
Balance at 1 August 2023 29,279 (1,139) 26,526 999 294 40,362 96,321
COMPREHENSIVE INCOME
Profit for year - - - - - 21,146 21,146
Cash flow hedges net of tax - - - (983) - - (983)
Increase in share option reserve - - - - 36 - 36
Total comprehensive income - - - (983) 36 21,146 20,199
TRANSACTIONS WITH OWNERS
Sale of treasury stock - 141 - - - - 141
Transfer of share option reserve
to retained earnings
- - - - (235) 235 -
Dividends - 18 - - - (14,316)(14,298)
Transfer to employee advances - 573 - - - - 573
(Gain)/loss on sale of treasury
stock transferred to retained
earnings
- 20 - - - (20) -
Total transactions with owners - 752 - - (235)(14,101)(13,584)
Balance at 1 February 2024 29,279 (387) 26,526 16 95 47,407 102,936
The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.
Total transactions with owners
(14,316)

7
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2024 (UNAUDITED)
SIX MONTHS
ENDED
1/2/24
SIX MONTHS
ENDED
1/2/23$000’s
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Sales to customers 222,717 223,546
Rent received 122 124
Government grants - 165
Interest received 892 498
Interest on debtors 3 3
223,734 224,336
Cash was applied to:
Payments to suppliers 123,750 140,277
Payments to employees 41,636 39,232
Interest paid on leases 1,963 1,579
Taxation paid 11,294 8,242
178,643 189,330
Net cash flows from operating activities 45,091 35,006
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from sale of property, plant, equipment and intangible assets 67 30
Repayment of employee advances 38 53
105 83
Cash was applied to:
Purchase of property, plant, equipment and intangible assets 9,401 7,873
9,401 7,873
Net cash flows applied to investing activities(9,296) (7,790)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Proceeds from sale of treasury stock and dividends 159 -
159 -
Cash was applied to:
Dividend paid 14,316 14,316
Lease liability payments 11,105 11,849
25,421 26,165
Net cash flows applied to financing activities(25,262) (26,165)
Net increase in funds held 10,533 1,051
Cash and cash equivalents at the beginning of the period 32,478 35,113
Cash and cash equivalents at the end of the period 43,011 36,164

The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

8
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2024 (UNAUDITED)
RECONCILIATION OF PROFIT AFTER TAXATION TO CASH FLOWS FROM OPERATING ACTIVITIES
$000’s
SIX MONTHS
ENDED
1/2/24
SIX MONTHS
ENDED
1/2/23
NET PROFIT AFTER TAXATION 21,146 20,825
ADD/(DEDUCT) ITEMS CLASSIFIED AS INVESTING OR FINANCING ACTIVITIES
Loss/(gain) on sale of plant and equipment 13 (24)
ADD/(DEDUCT) NON CASH ITEMS
Depreciation and amortisation 18,504 18,331
Deferred taxation(518) (550)
Share option expense 36 73
Gain on termination of lease (59) -
ADD/(DEDUCT) MOVEMENTS IN WORKING CAPITAL ITEMS
Taxation payable(2,071) 996
Trade and other receivables and prepayments 61 129
Trade and other payables and employee benefits(261) (9,743)
Inventories 8,240 4,969
NET CASH FLOWS FROM OPERATING ACTIVITIES 45,091 35,006

The notes to the financial statements form an integral part of and are to be read in conjunction with these financial statements.

9
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2024 (UNAUDITED)
1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
This section presents a summary of information considered relevant and material to assist the reader in
understanding the foundations on which the financial statements as a whole have been compiled.
1.1 GENERAL INFORMATION
REPORTING ENTITY
Hallenstein Glasson Holdings Limited (“Company” or “Parent”) together with its subsidiaries (the “Group”)
is a retailer of men’s and women’s clothing in New Zealand and Australia.
The Company is a limited liability company incorporated and domiciled in New Zealand. The address of its
registered office is Level 3, 235-237 Broadway, Newmarket, Auckland.
STATUTORY BASE
Hallenstein Glasson Holdings Limited is a company registered under the Companies Act 1993 and is an FMC
reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The Company is also listed on the
New Zealand Stock Exchange (NZX). The financial statements of the Group have been prepared in accordance
with the requirements of Part 7 of the Financial Markets Conduct Act 2013 and the NZX Main Board Listing Rules.
The financial statements were approved for issue by the Board of Directors on 28 March 2024.
1.2 GENERAL ACCOUNTING POLICIES
STATEMENT OF COMPLIANCE
These interim financial statements for the half year ended 1 February 2024 have been prepared in accordance
with Generally Accepted Accounting Practice in New Zealand (NZ GAAP), NZ IAS 34 and IAS 34 Interim
Financial Reporting and should be read in conjunction with the 2023 Annual Report.
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The accounting policies used in the preparation of these financial statements are consistent with those used in
the previously published interim financial statements to 1 February 2023, and the audited financial statements
to 1 August 2023.
The financial statements for the six months ended 1 February 2024 and 1 February 2023 are unaudited.
The comparative information for the year ended 1 August 2023 is audited.
ENTITIES REPORTING
The financial statements are the Consolidated Financial Statements of the Group comprising Hallenstein Glasson
Holdings Limited and subsidiaries, together they are referred to in these financial statements as the “Group”.
The parent and its subsidiaries are designated as for-profit entities for financial reporting purposes.
2 PERFORMANCE INFORMATION
2.1 SEGMENT INFORMATION
The Board of Directors considers the business from both a product and geographic perspective as follows:
— Hallenstein Brothers (Hallenstein Bros Ltd (New Zealand) and Hallenstein Brothers Australia Limited
(Australia))
— Glassons Limited (New Zealand)
— Glassons Australia Limited (Australia)
— Hallenstein Properties Limited (New Zealand)
— Hallenstein Glasson Holdings Limited – Parent (New Zealand)

10
$000’s
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTYPARENTTOTAL SEGMENTS
INCOME STATEMENT
Segment revenue 62,133 107,678 59,042 - 482 229,335
Intercompany segment revenue(5,006) (617) (276) - (482) (6,381)
Sales revenue from external
customers
57,127 107,061 58,766 - - 222,954
Cost of sales(25,908) (41,568) (24,231) - - (91,707)
Gross profit 31,219 65,493 34,535 - - 131,247
Finance income 133 348 335 - 79 895
Finance expenses(740) (650) (561) - (12) (1,963)
Depreciation and
software amortisation 5,603 7,508 5,088 262 43 18,504
Profit before income tax 7,865 15,547 6,241 195 2 29,850
Income tax expense(2,206) (4,674) (1,769) (55) - (8,704)
Profit after income tax 5,659 10,873 4,472 140 2 21,146
BALANCE SHEET
Current assets 20,140 22,441 22,937 5,440 3,276 74,234
Non-current assets 45,886 39,611 26,912 22,284 - 134,693
Current liabilities 15,093 24,121 15,659 54 30 54,957
Non-current liabilities 21,403 16,711 12,920 - - 51,034
Purchase of property, plant,
equipment and intangibles 2,820 3,726 2,855 - - 9,401
SEGMENT RESULTS
For the six months ended 1 February 2024
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2024 (UNAUDITED)
Segment results and key balances are shown below. Segment assets and liabilities are measured in the same way as in
the financial statements. Assets and liabilities are allocated based on the operations of the segment.
During the six months ended 1 February 2024 and consistent with 1 August 2023 financial statements, the below
segment results include intercompany charges to reflect brand value provided by New Zealand for the benefit of
Australia, procurement services provided by New Zealand to Australia, and management services provided by one
related entity to another. These charges have impacted on profit before income tax of the segments reported and are
therefore not directly comparable to the prior period segment results. These charges have been implemented based
on professional advice and are consistent with comparable industry benchmarks.

11
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2024 (UNAUDITED)
$000’s
GLASSONS
NEW ZEALAND
GLASSONS
AUSTRALIA
HALLENSTEIN
BROTHERS
HALLENSTEIN
PROPERTYPARENTTOTAL SEGMENTS
INCOME STATEMENT
Sales revenue from external
customers 60,615 102,893 59,785 - - 223,293
Cost of sales(28,913) (40,868) (27,306) - - (97,087)
Gross profit 31,702 62,025 32,479 - - 126,206
Finance income 60 231 177 - 33 501
Finance expenses(599) (540) (435) - (5) (1,579)
Depreciation and
software amortisation 5,808 7,447 4,842 212 22 18,331
Profit before income tax 4,888 19,341 5,006 246 32 29,513
Income tax expense(1,378) (5,814) (1,418) (69) (9) (8,688)
Profit after income tax 3,510 13,527 3,588 177 23 20,825
BALANCE SHEET
Current assets 15,037 25,709 22,215 5,241 2,273 70,475
Non-current assets 45,533 39,289 24,501 21,992 1 131,316
Current liabilities 15,835 24,811 15,477 328 37 56,488
Non-current liabilities 22,578 17,597 11,867 - - 52,042
Purchase of property, plant,
equipment and intangibles 1,035 5,497 1,340 1 - 7,873
2 PERFORMANCE INFORMATION (CONTINUED)
2.2 INCOME AND EXPENSES
Profit before income tax includes the following specific expenses:
$000’s
SIX MONTHS
ENDED
1/2/24
SIX MONTHS
ENDED
1/2/23
Occupancy costs
1
20,030 18,581
Wages, salaries and other short term benefits 40,638 38,546
Depreciation, amortisation and impairment of property,
plant and equipment 5,882 5,036
Loss/(Gain) on sale of property, plant and equipment13(23)
SEGMENT RESULTS
For the six months ended 1 February 2023
1.
Occupancy costs include rental expense on short term leases, depreciation and interest expense on right of use
assets.

12
SIX MONTHS
ENDED
1/2/24
SIX MONTHS
ENDED
1/2/23
SIX MONTHS
ENDED
1/2/24
SIX MONTHS
ENDED
1/2/23
cents per
share
cents per
share$000’s$000’s
Final dividend for the period ended 1 August 2023 24.00 - 14,316 -
Final dividend for the period ended 1 August 2022 - 24.00 - 14,316
Total 24.00 24.00 14,316 14,316

2.3 DIVIDENDS
NOTES TO THE FINANCIAL STATEMENTS
3 INVENTORIES
During the six months ended 1 February 2024, the Group recognised in the Statement of Comprehensive Income,
a write down of finished goods inventory to provide for obsolescence of $115,000 (2023: $202,000).
4 PROPERTY, PLANT AND EQUIPMENT
Acquisitions and disposals
During the six months ended 1 February 2024, the Group acquired assets with a total cost of $9,401,000
(2023: $7,873,000).
Assets with a net book value of $80,000 were disposed of during the six months ended 1 February 2024
(2023: $7,000).
5 RELATED PARTY TRANSACTIONS
The Group enters into transactions with related parties. Details of related parties, and the types of transactions entered
into during the period ended 1 February 2024, are consistent with those disclosed in the audited financial statements
for the year ended 1 August 2023.
6 EVENTS SUBSEQUENT TO BALANCE DATE
Subsequent to the half year end, the Board has resolved to pay an interim dividend of 24.0 cents per share
(partially imputed at 45%) (2023 Interim Dividend: 24.0 cents partially imputed at 45%). The dividend will be
paid on 18th April 2024 to all shareholders on the Company’s register as at 5.00pm, 11th April 2024.
FOR THE SIX MONTHS ENDED 1 FEBRUARY 2024 (UNAUDITED)

POSTAL ADDRESS
PO Box 91-148
Auckland Mail Centre
Auckland 1141

SHARE REGISTRAR
Computershare Investor
Services Limited
Private Bag 92119
Auckland 1142
Tel +64 9 488 8700
WEBSITES
hallensteinglasson.co.nz
glassons.com
hallensteins.com
AUDITORS
PricewaterhouseCoopers
BANKERS
ANZ Bank New Zealand Ltd.
REGISTERED
OFFICE
Level 3
235 — 237 Broadway
Newmarket
Auckland 1023
Tel +64 9 306 2500
Fax +64 9 306 2523