The recession may be technically over with yesterday's announcement of weak growth in New Zealand's Gross Domestic Product, but one major retailer is still hurting.

Hallenstein Glasson Holdings Ltd., owner of the men's and women's clothing chains, confirmed a slump in its annual profit, and saying its too difficult to provide guidance for the current year.

The company's net income fell 19% to just over $12 million for the 12 months ended August 1.