CHINA: Giordano H1 profit slips 5%, rolls out 47 stores
Hong Kong based retailer Giordano International has reported a 5.3% drop in profit in the first half of the year, to HKD$143m (US$18.3m), as it continues with store expansion plans.
The group added 41 stores in mainland China during the first half of the year, increasing its network to 770 and putting it well on track to exceed its goal of growing a minimum of 50 outlets in mainland China in 2007.
Overall group turnover grew by 15.2% to $2,328m in first half. Turnover in mainland China surged 26.9% to $599m, with a strong same-store sales increase of 20.6%. Turnover in Hong Kong increased by 2.6% year-on-year to $431m.
Giordano Ladies was the group's best performer, with turnover growing by 22.8% to $113m and same-store sales up 14.4% in the first half.
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