''Record mild temperatures on both sides of the Tasman during early winter resulted in key winter categories failing to match last year sales,'' he said in the market update yesterday. He also noted a lower exchange rate meant a negative impact on gross margin, which fell 3 basis points from 59.3% to 56.5%. Winter trading woes have struck clothing retailer Hallenstein Glasson, which has signalled flat sales and expects a decline of more than 20% in after-tax profit for the year. Mr Popplewell said a return to normal, colder winter conditions meant the company could trade through its winter stocks, albeit at a lower-than-usual profit margin. He described Hallenstein's cash reserves as ''healthy'' and expected future cash flow to be positive.

Source: Otago Daily Times August 09, 2016 18:00 UTC