Hallenstein Glasson Holdings Limited reports that sales for the winter season have continued to be under pressure from a deteriorating retail market in both New Zealand and Australia, with group sales -6% season to date. Profit after tax for the full year to 1 August 2008 is now expected to be approximately $15.0 million. This compares with $21.3 million last year. CEO Shayne Quanchi says the change in the retailing climate is the result of consumer reaction to increased fuel and food costs and higher mortgage interest rates. “The current environment is the most challenging experienced for a number of years. There is fierce competition for consumers’ wallets. As a result, margins are being squeezed and every effort is being made to control stock levels. Fortunately our business model is based on high stock-turn, so we expect to end the season with our stock levels in good shape.” Hallenstein Glasson Holdings’ full year result is scheduled for release on 24 September 2008.