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.
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