The improved profit margins are likely to result in profits rising as high as 55 to 57%, says Retailer Hallenstein Glassons.

Hallenstein Glasson Holdings was reportedly formed after the unification of Hallensteins and Glassons on the year 1985. Hallensteins, established in 1873, was an iconic menswear retailer whereas Glassons, found in 1900 was a fashion retailer.

The leading retailer Hallenstein Glasson has been performing very well despite uncertain conditions of the financial market.

The firm, which made a profit of $12.8 million for 2008, would beat the previous year’s profit figures if it continues to perform better during the Christmas and New Year season.

Clothing retailer Hallenstein Glasson Holdings registered significant erosion in its profit for the full year, with its net profit declining 19.3 percent to stand at $12.8 million. The decline in profit is reported despite 2.3 per cent rise in its total sales during the reporting period.

Warren Bell, the Chairman of Hallenstein Glassons, admitted difficulties suffered by the firm in the first half of the year; but expressed satisfaction over financial conditions in the later part due to signs of improvement in the economy.

Hallenstein Glasson Holdings Ltd., New Zealand based major clothing retailer, informed that the company had to lower prices to achieve sales due to recession. Due to lower margins, the company witnessed a 23% fall in full-year profit.

Via a statement sent to the stock exchange, the company said that during the year ended August 1, net income was between NZ$12.2 million ($8 million) and NZ$12.4 million, while a rise by 2.3 percent to NZ$198.2 million was seen in full-year sales.