HONG KONG: Bossini posts flat interim profits
Hong Kong-based apparel company Bossini International Holdings has posted flat profit for the past six months of HK$50m, compared to $52m in the prior year period.
Bossini said revenue for the period declined 1% to HK$1.17bn (US$151m). Gross profit margin was improved to 51%, from 50% last year.
Kathy Chan, deputy chairman and CEO of Bossini, said: "While the period under review was a challenging period, we were on the right track and recorded stable business developments.
"We maintained a steady growth of business in Mainland China, continued promotions of the newly launched 'be happy' brand value worldwide and optimised operational efficiencies particularly in inventory management. We are pleased to report that these strategies yielded decent results during the first half of the fiscal year under review in spite of the financial tsunami."
Overall retail same-store sales growth reached 2%, compared with 1% growth during the period under review. Same-store sales in Hong Kong grew 8% but could not offset the sales decline arising from the decrease in export franchising business, a statement said.
Bossini said its focus will remain solid on Mainland China market expansion, brand enhancement and optimising operational efficiencies.
Chan added: "As a result of our increasing focus on product offerings and the progressive pick-up of the economy, the group's sales performance saw improvement in January and February 2010 with a 12% gross profit growth. The group will also continue with efforts to bolster its competitive edge to provide shareholders with positive results."
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