HONG KONG: Giordano FY profit soars on widespread growth
- FY net profit up 35.6% to HK$728m
- Sales up 18.7% to HK$5.614bn
- Results despite “significant” cost pressure
Significant cost pressure failed to deflate full-year profits at fashion retailer Giordano International, which reported double-digit increases in earnings and revenues.
The Hong Kong company said it had recorded double-digit growth across all its major markets, despite cost pressures in its second half in particular.
“During 2011, we have continued to generate strong gross profits despite significant inflationary cost pressure in our supply chain,” said Dr Peter Lau Kwok Kuen, Giordano chairman and chief executive.
“Progress has been made in developing new product design and marketing initiatives, which have enhanced margins and enabled growth.”
Hong-Kong based clothing retailer Giordano has posted an increase in first-half net income, but admitted that gross margin was down due to rising costs and heavy promotions....
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