yeah its a great company, looking to reenter....don't worry too much about SP as many investors sell up between may-july.
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yeah its a great company, looking to reenter....don't worry too much about SP as many investors sell up between may-july.
Great minds think alike. Any further irrational selling will see me getting the chequebook out. The value is sticking out like a third hind leg on a greyhound.
http://www.4-traders.com/HALLENSTEIN...64/financials/
Consensus PE now only 11 on a closing price of $3.30. Consensus EPS of 30 cps this year and next.
Consensus divvy's are also 30 cps...company has such a rock solid balance sheet there is little point in retaining earnings.
Consensus net dividend yield at $3.30 is 9.1% or grossed up for full imputation credits 12.63%. Read their most recent market update a couple of months back and absorb the growth they're talking about and then you tell me, does opportunity knock at $3.30 or what !!
support now 3.10 selling action has changed chart from very bullish to very bearish within week if price stays down here - back in that 2yr trading range 2.80 to 3.50
Jeez, wasn't that many weeks ago you guys were talking 5 bucks.
So 330 is a long way from that but that dive looks tempting, if you into divies that is,
What's analyst targets? They be calling HLG a BUY now wont they?
[QUOTE=Roger;578521]Great minds think alike. Any further irrational selling will see me getting the chequebook out. The value is sticking out like a third hind leg on a greyhound.
Heh!Heh!!:t_up::t_up::t_up::D:D
Analysts will need to get their spreadsheet out and work out what impact the fall in the NZD will have on the bottom line and dividends. The last of the reports out were in March. Forbar have just released a report on the retail sector. I wonder what it is saying?
No I am not selling at this level. Plain fact is Kiwi's will have to get used too paying a little more for imported goods and HLG are in the sweet stop in the middle price point of the apparel trade just like Briscoes is with its homeware business.
I bought this stock for its impeccable record through thick and thin of paying really meaningful dividends, all fully imputed and because of its super strong clean and tidy balance sheet, impeccable stock management as well as growth opportunities which the directors fully articulated in their half year report. Apart from the currency headwind which is more than fully reflected in the recent significant correction, nothing has changed.
100% behind you there Roger. Can't complain tho, looks like we will just be buying more at a great price.
Now I'm conflicted LOL. I wanted them to go down further so I could double down and make more money and get more dividends in the future but I am pleased they have recovered 20 cents because it makes my end of quarter portfolio valuation look better. This goes to prove its helpful to have a schizophrenic nature when investing in shares :)
Down to 3.30 yesterday... back up to 3.50 today all on no real news.... man I just don't understand the market sometimes, but I'm glad it realised it overreacted.
seller must have run out
Hmm considering jumping on board after selling a few HNZ
Well a close at $3.35 leaves me not knowing what to think. VWAP was $3.43 and close was on super low volume at closing price. I think I'll cheat a bit and use the VWAP price in my end of quarter portfolio valuation.
Its certainly been a forgettable quarter as far as I'm concerned wrapped up not nicely by more competition for AIR on the China route. I need a drink, enough said.
I'm not really that concerned about the recent drop in HLG.
I never really understood why it went up from $3.40 to about $3.80 over the past couple of months. It seems to have come down because of the falling NZ dollar and (along with most of the market) over uncertainty in Greece.
So, the price is now where is was two months ago and I think I agree with you Roger that the fundamentals haven't really changed, and hopefully the NZD will have only a minor impact.
LOL Leave me alone mate, I need a drink..its been a tough quarter.
Well I have just checked this year's sharetrader competition, as it reflects my portfolio, and I see I am 28th being up 9.30%.
My sharebroker will most probably send me a portfolio update tomorrow, which should confirm I am "well positioned."
May be even better as I note I am 6th in the Australian competition, being up 28%.
My find myself "very well positioned."
I have never been an HLG shareholder myself. Always kept it on the radar though, because when it comes to retailing there aren't many who do it as well as HLG. While I agree in general with what Roger has said here, you don't have to go back too far (FY2014!) to find times when HLG's stock managment was less than impeccable. To managment's credit they set about solving these stock hiccups by looking at themselves rather than blaming 'the market'. I have a lot of respect for such an approach.
As for the growth opportunities, I can't think of too many that have panned out well. HLG have been trying to become profitable in Australia seemingly forever. The latest attempt seems to be opening new signature stores in Sydney and Melbourne. Previous attempts have stalled I think because of the high rents that shopping centre owners demand in Australia. They had to pull the Hallenstien brand out of Australia altogether IIRC.
Back over this side of the Tasman there is the 'Storm' brand, which masquerades as an upmarket boutique shop. Not sure if too many women are fooled by that, nor how many designer boutiques have all their clothes made in bulk in China. Was going well until the headwinds stuck in FY2014.
I walk past a Glassons and Hallenstein's every week when I pick up the shopping. As I walk by, my foot tracks seem to recalibrate themselves to walk towards the entrance of both shops. The vibrant displays seem to have this magnetic attraction for shoppers, even if they aren't after clothes! Plenty get trapped inside too!
OK, cutting to the chase. HLG management are not short growth ideas, and concept execution seems good. But eps remains some 20% below pre GFC levels of FY2006 and FY2007. I don't know of many companies that run so hard just to stay still. Retail is a tough business to be sure, and things aren't getting any easier. So the question I ask myself is not if HLG is a great retailer (I think they are) but do I want to invest in the retail sector (outside of food) at all?
SNOOPY
Ok time to rerun my dividend yield valuation. I am going to stick to the last five years of results, simply becasue the retail scene does seem to be evolving so fast.
Year Interim Dividend Final Dividend eps Payout ratio 2014 12.0cps 16.5cps 24.2cps 118% 2013 16.0cps 17.5cps 31.3cps 107% 2012 14.5cps 19cps 31.0cps 108% 2011 14.0cps 17.0cps 29.3cps 106% 2010 14.0cps 17.0cps 34.3cps 90% Total 70.5cps 87.0cps 150.1cps
Payout ratio (5yr average): (70.5 +87.0)/ 150.1 = 105% (Not sustainable?)
Average Annual payout (5yr average): 31.5cps
If we consider a yield of 6.5% over today's business cycle being 'fair', then my valuation for HLG is:
31.5/ 0.065 = $4.85
SNOOPY
I would argue you would have to go back to the GFC to try and capture the "business cycle".
Well my feet took me in today ; had to really hunt but found the $10 rack and added 2 more tshirts (were $30 e)to my collection. I was the only one there at re 10.45 am.Loaded with stock.
These are qualiTEE Panel shirts with designs printed all over ,not just an old fashioned little oblong print on the front of the thinnest piece of nano cotton. Get with it Percy; age is no excuse . Postiplus has imitations of everything and serves a purpose for those on a true budget and those scrooges with no taste:t_up:
True. I did drop in to compare polyprop prices with farmers red dot sale and bought a decent undergarment there a few weeks back.
Well my furry beagle friend - You'd struggle to find a more clean and tidy balance sheet than HLG's one. No B.S. intangible assets or goodwill, no debt other than trade creditors, moderate stock level's and excellent stock turn.
You've answered you own question as to why people invest in this stock...for the excellent dividend feed. When my much loved Beagle, now departed sensed a good feed, she was in with all the enthusiasm of a hungry dog with tail wagging and little pot belly filling up...she could smell a good feed from 100 yards off...so what's wrong with your nose mate :) You needn't apply for a job at the airport as a beagle hound out there if you can't see the feeding that goes on here..if you can't smell it, I put fair value in bigger font for you so maybe you can see it :D :D
The entrance and potential entrance of the world's large fast fashion retailers, Top Shop, H & M, Zara/Mango and Uniqlo into NZ should be keeping Hallensteins shareholders up late at night.
So that's why I haven't been sleeping well lol. I haven't heard of any of them but then I am just an average bloke so what would I know about fashion ? Maybe I'm just like other HLG customers...just want good stylish gear at a fair average price and couldn't give a toss about what's the latest trend from overseas unless we're talking about cars or boats :D
Top shop/ H&M, Zara/Mango are a tier above HLG I would have thought.
Nail on the head. HLG really does (in my eyes) almost have its own market segment and offers quality, very regularly updated and attractively priced fashion. I know for me, and a lot of other guys out there, HLG is just our go-to place for a quick and painless yet successful wardrobe shop when we can't be bothered shopping around. They keep up to date, have amazing turnover, and have deals you can't refuse. Topshop and Zara are definitely a cut above HLG and they charge a premium for that and as a result attract a different type of customer.
And Roger, I'm sure you would know Amancio Ortega Gaona If you've ever visited Forbes :) He's Mr. Zara.
Roger, if you don't know who they are you shouldn't be owning HLG shares. Bit like owning Air NZ and having no idea who American Airlines and Eithad are!
Agree that Top Shop and Zara are a tier above, H & M and Uniqlo though aim for exactly the same market and with similar prices to Hallensteins and Glassons. 5-10 of either and probably both in NZ is inevitable in my opinion and will hurt HLG.
Wet Seal Whipped: Expect More Casualties As Fast Fashion Retailers Take Over Teen Market
Interesting. I've only ever dealt with h&m and zara in europe (being dragged through them). I've heard at least h&m do it different in asia. ie, more budget.
I guess brand loyalty counts for nothing when it comes to young-uns buying clothes. And they may even want to be more 'european'.
Brands come and go though and HLG are still here....
Jaa - This. You don't build a brand here in 5 minutes. HLG are on a PE of 11 and a gross divvy of 12.5% based on the $3.35 when I looked at it on 1 July.
Compares to their best retail peer who also have carved out a very well respected niche in the mid price point in their market BRG on a PE of 15.5 and a gross divvy yield of about 6.5%
WHS on a PE of about 17 last time I looked.
Sometimes with investment you've just got to stay focused no matter what the competition is doing because the investment metrics are so compelling and the brand has built a very loyal following.
This statement applies equally to AIR N.Z. on a forward PE of 6.7.
To be honest I have heard of Top Shop and got some feedback from Noodles that its nothing to be really concerned about with their one store in Auckland. Ask him but I think from memory his wife went there and he told me she was pretty underwhelmed....least that's my recollection but you're probably better hearing it straight from the horses mouth, so to speak.
Topshop in London is excellent :)
His wife just needs to commute.
"HLG are on a PE of 11 and a gross divvy of 12.5% based on the $3.35 when I looked at it on 1 July."............quote Roger
ANZ have HLG on a PE of 12.45 with an 8.45% gross return...who's right??
..thanks COUTA but wud those ICs make that much of a difference (8.5%/12.5%) ??......Im no accountant by the way!
Correct. The feedback from females in my family was that the quality and style were poor compared to what they were used to in Oxford St. Perhaps they just have fond memories. It is a few years since they were in London.
But I think competition is less of a concern than pricing pressure from their suppliers. This from the recent PPL announcement...
"However, international wholesale markets have become increasingly challenging. This, together with adverse forecast currency impacts, is expected to have a negative effect on earnings for FY 16. As a result normalised EBITDA for FY 16 is likely to be significantly below that forecast for FY 15."
HLG have really good management. I expect they will be able to mange it to a degree. But for me, it is too much of an uncertainty.
PPL have very poor management, extremely poor stock management, inept marketing, poor governance e.t.c.e.t.c.e.t.c.. Losers make excuses, winners just go about their business.
I'm expecting full year divvies of 31 cps fully imputed which is 31 / 0.72 = 43.05 cents per share gross on a SP of $3.50 this morning = 12.3% gross.
There's uncertainty in all business's and they all face challenges.
Come on Roger, the final divi will be atleast 17.5cps :p
I'm feeling pretty confident mate regarding FY16 and beyond. Directors report at the most recent half was really encouraging with very strong sales growth.
As discussed, consumers are going to have to get used to paying a little more with the lower currency for all sorts of things from petrol to appliances, airfares and clothes.
There's always a period of adjustment with consumer behaviour but are people really going to put off a necessary or desirable clothing item because its a few bucks more ? Will they even notice the price increase ?
The other aspect to this is the people shopping online from overseas companies will feel the chill of the full impact of the drop in our dollar immediately making sourcing clothing online less attractive.
Swings and roundabouts.
H & M would be a credible threat. They sell great stuff and being a worldwide company, they'd have pretty good purchasing power. They have a slightly more upmarket impression but for similar prices to HLG.
Roger you remind me of the investment manager in Peter Lynch's book "One up on Wall Street" always looking at the numbers and a company's historical performance rather than asking the actual shoppers where they want to shop. Read that article I posted, fast fashion retailers are killing off companies just like HLG where they open.
H & M, Uniqlo and Forever 21 already have flagship stores in Australia competing with HLG's 30 Glassons stores. In March, I visited H & M in the old GPO in Melbourne. Stunning location, packed with customers and stylish clothes with shorts from $AUD5. How can you compete with that?
HLG have a bit of time, good management and capital available so maybe they can reinvent themselves or partner with one of the big boys like Barkers did with Top Shop but don't just assume it will happen!
Next you'll be telling me Jetstar and China Eastern airlines are going to kill off Air N.Z. LOL.
Apparently one of the reasons Forever21 customers keep going back, is because the clothes only last two or three washes.
http://www.newyorker.com/business/cu...ing-forever-21
I can't say my bare HLG valuation is not compelling. But look back a line and you will see the dividends amount to 105% of earnings over the period. If you reduce the payout over five years to $1.50 (the actual earnings) then eps is 30c.Quote:
Payout ratio (5yr average): (70.5 +87.0)/ 150.1 = 105% (Not sustainable?)
Average Annual payout (5yr average): 31.5cps
If we consider a yield of 6.5% over today's business cycle being 'fair', then my valuation for HLG is:
31.5/ 0.065 = $4.85
30 / 0.065 = $4.62
Granted that still looks attractive compared to the $3.50 market price. But our dollar is falling harder than expected. And I have observed that HLG tends to sell at 'price points'. So a $20 T shirt will still be a $20 T shirt, independent of what the actual supply cost was. How long before our consumer is reeducated to buy their T shirts for summer at the $25 price point? And how much profit will HLG lose before this happens?
Meanwhile on the Skellerup thread I am predicting very similar returns to what is available buying HLG, by buying SKL at $1.30. However NZ manufacturers should be getting a tailwind from the lower dollar. And the economies of the new factory, due to be completed in Christchurch within twelve months, should add to the tailwinds.
Buffett said you don't have to swing at every pitch. Good luck with your HLG batting Roger. I think you will do well. But I am hoping I will do slightly better swinging on the Skellerup pitch.
SNOOPY
I guess if you have a rock solid clean and tidy balance sheet with no debt you can pay out just over 100% of earnings because there's some depreciation in there or they've extracted more efficiencies from improved stock turn and lower inventory level's. Very rare set of financials I've ever reviewed that are cleaner / tidier and more easily understood than this company.
One of the many good things about having a wise old mother that's still alive is even when she's not around I can still readily recall some of her favourite wise sayings, two of which readily spring to mind:-
"you get what you pay for"
"the bitter taste of poor quality lingers long after the thrill of a bargain"You're on too it mate.
Snoopy mate. Poor old Skellerup should have had this tailwind and that tailwind for a very long time now and yet their performance over the long run hasn't been that inspiring has it !! Quality of management top notch ?...but because you have a good beagle's nose I will have another look.
Jaa don't think they need to reinvent at all doing just fine as is!
The business of paying dividends from cashflows, not profits, seems to have come onto the NZX scene with the emergence of the gentailers as publically listed companies. Sure you can pay profits from cashflows from say, an oil field (Genesis Energy) , if you don't plan to look for more oil in the future. And yes when the real life of an asset greatly exceeds its depreciated life (eg a Mighty River Power hydro dam), you could certainly make a case for paying profits from cashflows there. I don't buy paying profits from cashflows for a company like HLG though.
Yes you can pay out more that you take in as earnings in any particular year. But try stringing that together year after year and eventually you will run out of capital, and your business will have to close. HLG is nowhere near that point. But HLG will need capital to reinvent itself. Cast yourself back to the 1950s and 1960s when many of our hydro dams were built. Shopping malls were an absolute novelty. TV advertising was in its absolute infancy, and there was no internet. Furthermore almost all clothes were made in NZ and 'fashion' was pure luxury. Yet over that time HallensteinGlasson has constantly reinvented itself, and not only survived but thrived. Meanwhile a contemporary hydro dam from the middle of last century has barely evolved, and even the associated electronics and transformers of the day are only just getting replaced.
HLG needs profits to survive going forwards. Who knows where the next step in the evolution of HLG will lead? But it will be profits, not cashflows, that drive them there. There is a limit to improving stock turn and inventory levels.
SNOOPY
OK time for a confession on my table of 'eps' results. I have adjusted them to take out some of the insurance cashflows from Christchurch earthquake payments (FY2011 and FY2012).
In FY2012 the Insurance payments received amounted to $1.532m for 'material damage' and $0.417k for 'business interruption'.
In FY2011 the Insurance payments received amounted to $0.832m for 'material damage', less a stock and fixed asset write down, and $0.417k for 'business interruption'.
HLG has included all of the above insurance payments in their income for the year. However, I don't believe these earthquake events shoudl be modelled as 'normal business' for forecasting purposes. I have allowed the payments for business interruption insurance because this represents income that HLG would surely have had if the earthquakes had not taken place. I have disallowed the material damage payouts.
If I had included material damage, the 'earnings' per share over the earthquake years would have improved as follows:
FY2012: $1.532m / 59.65m = 2.6cps
FY2011: $0.832m / 59.65m = 1.4cps
So the dividend to earnings 'payout ratio' over five years would be slightly better:
(70.5 +87.0)/ (150.1 + 2.6 + 1.4) = 103%
SNOOPY
Most of the time you do some good work but sometimes you are a worry Snoops. All that about logic seems rather convuluted. Not near the computer at the moment so can't show you where your thinking is a bit awry.
Maybe best way is to ask you what drives NPAT or EPS - cash flow eh. Adjust for depreciation, capex and changes in working capital you have free cash flow don't you.
Over the last 10 years revenues have been about $200m plus or minus a bit. I don't think they have any ambition to be much bigger - service the market and customer they know best.
That level of revenues generates enough cash to keep 'reinventing' themselves (on line and that flag ship store in Wellington is pretty smart, maybe just as good as a Top Shop) as well as pay out the dividends they have. Never borrowed or raised capital (a few options excludes) in that time and still has $20m in the bank.
So I see HLG as a low growth at best company but strong consistent cash flows which enables a steady (high yielding?) dividend to be paid. Market probably prices it like a bond and the price rises and falls as market sentiment changes.
It would not surprise me that in 5 years time HLG revenues are still $200m plus or minus 10% and they still paying $20m out in dividends. How do you price that?
We probably have three OCR reductions baked in this year so by the end of the year people will be getting circa 2.25% on their call account....OR, and yes I know its a different investment, you can put a 1 in front of that 2.25% to make 12.25% :D Not rocket science, simple investing for high yield....oh and if the NZX goes sideways for the rest of this year because its fully priced then those receiving 12.25% will be grinning won't they :D
Snoops, cast your mind back a few years.
You were always comfortable with RBD maintaining a good dividend when profits weren't that flash ....because of strong cash flows. (Even though at times unlike HLG they have borrowed to maintain them)
Maybe some correlation between currency and EBITDA margin. This seems to have broken down in the last couple of years. Brokers are forecasting a 14% margins for this year. I think management will have to be at the top of their game to fight against the currency tide.
Year NZDUSD EBITDA Margin Change in Currency Change in EBITDA Margin Notes 2006 0.649732 15.49% 2007 0.736172 17.74% 13.30% 14.53% 2008 0.714949 14.32% -2.88% -19.28% 2009 0.635232 11.95% -11.15% -16.55% Recession 2010 0.721623 13.96% 13.60% 16.82% 2011 0.792322 14.00% 9.80% 0.29% 2012 0.810275 15.58% 2.27% 11.29% Included insurance payout 2013 0.8203 14.79% 1.24% -5.07% Management Blamed late start to winter 2014 0.8306 13.06% 1.26% -11.70% Management admitted poor product mix 2015 0.740516 14.31% -10.85% 9.59% Broker forecasts 2016 0.68 -8.17%
Noodles - a very strong correlation between Gross Margin % and currency (using the rates in your table). Correlation about .85 going back to 2005
Better to use this as the margin to assess impact rather than EBITA I think
Obviously forex does have a strong influence over margins. The correlation suggests that product cost increases are not fully recovered (lack of pricing power?). One might have expected the odd heavy discounting periods might have brought some variability into the results but the compelling story I'd lower NZD leads to lower gross margins.
If x-rate is .68 in 2016 the correlation would suggest a Gross margin of around 52%/53% - which is 6%/7% points less than 2014 actual (we don't have 2015 yet do we?)
so 7% points Gross Margin is $15m - hope management have things under control
Is any of this mitigated in expenses?
my numbers give this scatter chart .... sad picture if history anything to go by
Almost as sad as th rugby - I gave up watching ..... Wellington / Hurricanes still losers (too many mistakes)
Notwithstanding yields, there is also consideration for capital management. HLG is volatile, arguably cyclical, and perhaps better to be on the sidelines in the downtrends. Right now though it appears an uptrend is in place. For how long who knows. This may require a more active management approach rather that buy, hold and hope.
Attachment 7457
Monthly price with the 200EMA daily approximation.
And one guru bank economist is saying the usd rate will have a 5 in front before to long
What will that do to margins ...let alone consumer sentiment
Noodles - the nzdusd rates in your spreadsheet, where did you get them from?
Thanks
Wouldn't want to get back to 2001 levels would we
I know of several outfits that had a reliance on imported goods really suffering and losing money from drastically reduced margins.
Comes down to pricing power and many cant recover all the extra costs or maintain margins.
Fantastic news for CHCH agreed.
However if I were still a retailer, or a shareholder of a retailer, I would much prefer to be located somewhere where there were customers.
Be a good many years before any central ChCh retailer sees sufficient customers, to make a retail store profitable.There is a lack of parking which is unacceptable ,and still very few businesses in central ChCh.Shoppers have also been well served by suburban malls.
New building standards mean new buildings are costing a great deal more to construct.Landlords need huge rents to make construction viable.Retailers will struggle.Think of KRK trying to stay in business,moving into a lovely new building,and paying three times the rent they used to pay.!!!
ps.I know KRK are giving up the struggle.
Anthony Gough is struggling to get tenants for his bars.Says he is not putting up the rents from the previously huge amounts he charged for worn out old buildings.He will be lucky to attract tenants at half those rents in my opinion.
Assuming HLG have some sort of forward hedging matrix for imported stock, they'll have it all over the foreign based on-line retailers currently, as the NZD price effect changes with every update of the spot price. Our young 'uns might even venture into a store!
baabaa - I liked the cycles on your chart, very cyclical weren't they
On a very long term chart one could say that HLG is still in a uptrend
Also forming a wedge - I reckon in 2022 the share price will have a go at breaking through $5.50 again
Well get there, eventually. Just pick up the divies along the way
Yes I hear you guys on the currency...but the currency won't always be down. Feels like I'm getting a bit of payback treatment from my mates in this thread, (probably had it coming and besides I always enjoy a good robust debate). There's risk in any business, bad loans for HNZ, oversupply of wholesale power for the gentailiers, China Eastern and Jepcrap for AIR, PSA for Kiwifruit, disease, famine, drought, pestulance for any agri stock, direct fuel imports for NZR, market fully priced, Greece e.t.c. e.t.c. I tell ya its enough to drive you to cash :)
Very few companies on the NZX have truly exceptional first class management, HLG BRG AIR RYM are four that readily spring to mind.
I just can't get myself over the line with respect to retail stocks. Or for that matter, LPT's with large exposure to retail. Rightly or wrongly, I think there is more disruption coming in the sector from internet shopping. Just bought a scanpan over the internet. Top price. Got some Shimano gear changers from Taiwan for my old mountain bike. Exactly the same as the previous one. Couldn't seem to get them in NZ. And even with the dollar moving, prices seem OK. I guess ultimately most of what we sell is imported, so once any currency protection is consumed its a level playing field again with respect to FX. I also worry that retail often hinges on key people. Warehouse did well when ST was at the helm, lost their way since. Rod Duke (Briscoes) is obviously a star...he's now in his early 60's I think. What happens to his group of companies when he decides to retire ? Will he be spread to thin with the Kathmandu deal ? How will the Aussie piece of this go ? Will the Michael Hill model survive Michael Hill ? Typically has not been a success when NZ Retail Companies dabble in Australia.
Best place for debate on HNZ is....., yep you guessed it, the HNZ thread.
Before anyone gets worried for me, HLG is 4% of my portfolio value. I'm at well over 50% cash which is a good place to be with the current Greek issues.
Happy holder.
Is the NZD currently "down" though? When you compare interest rates the US is still a lot lower than NZ. I wonder what the exchange rate would be on equal interest rates and the same expectation going forward.
Looks like HLG is having a sale on its SP today.
Roger have you snuck in for a few more sneaky top ups?
Must be due for a market update soon. I suspect the Glassons division shall perform rather nicely.
Well i strode in the an HLG shop today after seeing WINTER SALE signs all over. The main item was racks of SUMMER T-shirts for $10!!!. Looks like an over inventory prob imo like Kathmandhu had with their puffery jackets last year.
Looks to have found support at 325... Must time time for another crack at 350 then eh?
Some talk of nzdusd at 40 cents. Was there in 2001 so not impossible
Jeez, from that bull**** above HLG gross margin would be 40% at best but they would really have to bump up rices to mitigate the damage. Even 50% gm impacts margin negatively $20m
That $50 sweat will cost punters $80 odd or so next year if the 40 cents happens and HLG try to mitigate the damage ..hmm
Just as well its bull**** eh
Was in store today and the normal 2 business shirt deal for $60 has been tweaked to $69 still a good deal but an interesting move.
But wait....there's more.....................
Go online and sign up to receive updates and you get 20% off.
Cancel that order>!
mytuxedo have 3 for $70.
Hang on...
Modern tailor have a special offer.$19.95..
Oh dear.
The 2 for $25 flannel shirts Postie have may be nice and warm,but I may wait until they are 3 for $10.
Then again I might pass on them.!
C'mon guys, I thought you were all smart men of the world
Opportunity to smarten up and look the part
GREED IS GOOD - 3 SHIRTS FOR 3 HUNDY
https://www.3wisemen.co.nz/shirts.html
And don't forget the tie at $60 ....cheap as
Christian Dior ties cost heaps more
Funny you say that Winner as I popped into my local Noel Leeming store late yesterday afternoon to have a look at maybe updating my not so old T.V. to some flasher newer shinier and clearer model before the price goes crazy with the lower Kiwi dollar but I reckon the heavy discounting has already stopped and retailers already know replacement stock will be more expensive so the best deals are already behind us. They seemed disinclined to negotiate much on the fancy 65 inch curved Samsung I liked...have to make do with my old 50 inch...life is harsh LOL.
Gee, 50 inch TV's are a dime a dozen now, well under $1,000 for a decent model but $5,500 for a top of the line Ultra high def Samsung 65...I think I'll make do with moving the Laziboy recliners a little closer :)