HONG KONG: Fashion Chain Giordano Posts FY Profit Fall
Leading fashion chain Giordano International Ltd on Thursday posted a 9.5 per cent slide in full-year profit to HK$341 million (US$43.7m) from HK$377m in the year-ago period despite higher sales.
The firm, famous for its jeans and khakis, said turnover rose 3.1 per cent to HK$3.59 billion from HK$3.48bn on the back of strong sales in China, Hong Kong and Singapore, but said its profit fell on provisions for the closure of its German operations.
It also warned it sees a tough year in its core market of Hong Kong. "Everybody has got more taxes to pay now, and people are not optimistic about the retail sector," said chairman Peter Lau. "Hong Kong will continue to be difficult this year."
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