The company yesterday reported earnings before tax of $29.2 million for the year, up from $18.03 million in the previous corresponding period (pcp).
Reported profit after tax for the 12 months was $19.6 million, up nearly 53% on the $12.8 million in the pcp.
Group sales were $207.1 million, an increase of 4.5%.
Chairman Warren Bell said while the strength of the New Zealand dollar had been an important factor in achieving improved margin, the impact of better buying could not be overlooked.
"This is particularly evident in Glassons where real gains in margin have been achieved as a direct result of delivering to the market a more acceptable product offering.
"Our stock levels have been particularly well controlled and in a difficult retail environment, our continued ability to closely manage the business has delivered credible results," he said.
Forsyth Barr broker Suzanne Kinnaird described the profit as "solid" and slightly better than the company's own upgraded guidance.
"Glassons, in particular, had a great second-half result with the higher dollar contributing to strong margins.
"Australia was in line and in profit for the whole year.
That is encouraging as they've seen losses in Australia in the past."
The company was well positioned for another strong year provided the dollar stayed stronger.
There was caution about the Australian market which was looking tougher with higher interest rates affecting the Australian consumer, she said.
In New Zealand, the future outlook was clouded by a GST increase, with an unknown contra effect from decreased personal tax.
Mr Bell said Hallenstein Glasson had made a positive start to the new financial year with group sales for the first seven weeks 5% ahead of the previous year.
"The momentum achieved over the past year will be extremely difficult to maintain and the opportunity to further improve sales and margins on the existing business base will be far more challenging."
