HONG KONG: Giordano books mixed H1 results
Apparel retailer Giordano International has posted a mixed set of results for its first-half as sales climbed but earnings fell.
In the six months to the end of June, net profit slid 3% to HKD340m (US$43.8m) from HKD352m a year earlier. This added HKD35m to earnings in the second half of last year. Without the gain, first-half profit was up 10%.
Sales in the period climbed 5% to HKD2.84bn from HKD2.7bn a year earlier. The retailer experienced particularly strong growth in its emerging markets of Thailand, Malaysia and Indonesia. The acquisition also boosted sales.
Global brand sales, however, dropped 2% due to the group's current approach of closing underperforming stores and ending subsidies to poorly performing franchise operations.
Despite declining brand sales, strong pricing and cost discipline protected profitability, particularly in mainland China where profits were broadly in line with last year, the retailer said. Sales in the region, however, dropped by 7% in Mainland China as the Group focuses on repositioning the brand in these markets.
In 2012, international mass and high street apparel brands continuously expanded their business operations in Taiwan by increasing outlet coverage. Hang Ten, Giordano, Zara and Uniqlo are focusing on ...
TechNavio's analysts forecast the Global Children's Wear market to grow at a CAGR of 5.36 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing...
Taiwan’s economy recorded low growth in 2012 and consumer confidence remained weak throughout most of the year as a result of the price hike in oil, rents and food. Consumer expenditure on apparel wea...
- 2014: Year in review - Sourcing winners and losers
- COMMENT: The decline of the buying office
- 2014: Year in review - Brand winners and losers
- 2014: Year in review - Retail winners and losers
- Bangladesh: The business benefits of compliance
- Report urges overhaul of Cambodia factory safety
- North Face debuts locally-grown "backyard" hoodie
- Bangladesh knitting worker killed by faulty lift
- Apparel manufacturing leads US reshoring trend
- Triumph recalls 22,000 bras for underwire fault