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.

Bell added: "(Conditions were) particularly difficult in the first half of the year, but there were signs that economic conditions had stabilized, albeit at a low level in the latter part of the year."

Efficient management helped the company reduce its inventory by 9 percent, which now stands at $15.2m. It can boast of good cash position, which increased to $26m from its previous level of $18.4m. The retailer has announced 11c final dividend per share against 10cps in the previous fiscal.

Hallenstein Glassons is unlikely to declare its future guidance for this point of time, but updates would be released in its forthcoming annual meet scheduled in December. Shares of the company closed at $2.94 yesterday over the bourses.