Hallenstein Glasson reported a strong first-half result, driven by the group’s Australian operation. Photo \/ Alex Burton<\/p>\n
In the six months to February 1, 2026, Hallenstein Glasson reported total group sales of $275.2 million, up 14.6% from $240m in the prior corresponding period.<\/p>\n
Sales lifted across all three of its segments, Glassons Australia, Glassons New Zealand and Hallensteins.<\/p>\n
The group was able to lift its gross margin from 58.5% to 60.9%, driving profits up 32.1% to $32m.<\/p>\n
\u201cHallensteins just keeps knocking the ball out of the park. The apparel sector is littered with casualties, but they just year after year continue to hit the mark,\u201d Goodson said.<\/p>\n
Forsyth Barr\u2019s Paul Koraua said the result was largely in line with expectations and the group continues to offer investors an attractive risk-reward.<\/p>\n
Koraua highlighted the group\u2019s new Sydney warehouse that is due to be commissioned in the second half of the year, which will support further rollout of the Glassons and Hallensteins brands in Australia.<\/p>\n
Briscoe Group reported record sales but slower performance as Rebel Sport held it back. Photo \/ Supplied <\/p>\n
Briscoe Group<\/p>\n
The only full-year result of the season, Briscoe Group<\/a> reported record annual sales of $798.83m for the year, although profit declined with a lower overall dividend payout.<\/p>\n Briscoe Group recorded a net profit after tax of $59.22m for the year to January 25, 2026, compared with $60.63m the previous year \u2013 a drop of 2.3%.<\/p>\n The group\u2019s homeware segment performed the strongest, rising 1.42% over the year, while sporting goods came in slower at 0.13%.<\/p>\n Gross margin percentage also declined over the period, dropping from 40.37% to 39.23%.<\/p>\n Goodson said Briscoe Group had done \u201ca good job\u201d in a highly competitive space.<\/p>\n \u201cThey\u2019ve managed to hold the line despite sales going backwards slightly. In a retailer, normally that leads to a profit deleverage, but Rod Duke has done a great job taking cost out against a pretty difficult backdrop.\u201d<\/p>\n Koraua said while it was the third consecutive annual net profit decline for the group, he expected the trend to reverse in the next financial year as sales and gross margins recover.<\/p>\n He also noted the minimal impact Swedish retailer Ikea has had on the business\u2019 bottom line, although more will be known about its performance later in the year.<\/p>\n The Warehouse Group<\/p>\n The Warehouse Group<\/a>, meanwhile, has flagged concerns about ships with its imported products potentially skipping New Zealand as the conflict in Iran exerts pressure on the domestic retailer.<\/p>\n The group has been the most vocal about the potential impacts of the situation in the Middle East, although outcomes are hard to predict given the tumultuous nature of the conflict.<\/p>\n The group\u2019s half-year result made improvements in most areas, with total group sales up 0.3% to $1.612 billion.<\/p>\n The group\u2019s earnings before interest and tax (ebit) rose strongly, up 37.7% to $26.9m, while net profit after tax was $15.7m, up 33.6%.<\/p>\n However, group gross profit margin contracted to support the cycling through of old inventory, dropping 20 basis points to 32.3%.<\/p>\n Margin is a key concern across all analysts reviewed by the Herald, with Craigs Investment Partners research analyst Kieran Carling describing the result as a \u201cmixed bag\u201d.<\/p>\n He said while The Warehouse had demonstrated \u201cearly signs of self-help\u201d, top-line momentum slowed for its third consecutive quarter, and the pace of The Warehouse\u2019s turnaround remains unclear.<\/p>\n When considering the uncertainty of elevated fuel and freight costs and the subsequent pressures on consumer demand, Carling said it was unclear what cost increases the business may incur.<\/p>\n Goodson was focused on the group\u2019s gross margin in comparison to the group\u2019s cost of doing business.<\/p>\n \u201cTheir gross margin in round numbers is about 33%, but the cost of doing business margin as a percentage of sales is in the highs of 32%.<\/p>\n \u201cThe challenge for The Warehouse is to try to get that gross margin up to 34% and their cost of doing business down 1% to 2%, and then there\u2019s some enormous operating leverage there.\u201d<\/p>\n Koraua echoed the sentiment, cautioning the time it will take the group to implement changes in service of their targets, especially when considering the uncertainty and flow-on impacts on fuel prices as they start to put pressure on the cost of living, consumer confidence and supply chains. <\/p>\n KMD Brands<\/p>\nThe Warehouse Group is continuing work to reset its cost base, but margin pressure is making the task more difficult. Photo \/ Alex Cairns<\/p>\n
KMD Brands improved on its last result, but the company’s future lays in the hands of an undervalued capital raise. Photo \/ RNZ, Nate McKinnon<\/p>\n