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Published
Nov 15, 2016
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Q3 sales and profits fall at Giordano but performance improves over H2

Published
Nov 15, 2016

Q3 was tough for Hong Kong-based Giordano as the clothing retailer saw comparable and total sales falling 3% to HK$1.197bn. The company said this was largely due to early religious holidays in some markets shifting peak sales to June this year rather July as they had been in 2015.

Giordano Q3 was hurt by Calendar shifts - Facebook/Giordano


But that 3% fall was at least better than the 7% drop seen in the first half. It meant consolidated gross profit also decreased by 3% HK$698m although the gross profit margin improved by 0.3 percentage points to 58.3% as materials bought using the depreciating Chinese renminbi were cheaper.

Chairman and CEO Dr Peter Lau said persistent global growth concerns and “uncertainty in economic  development has continued to stymie the consumer retail sector and consumer appetite generally.”

And despite the Chinese currency boost, the declining value of the renminbi also dealt a blow to sales as it meant Chinese mainland turnover was hurt.

But Dr Lau said the firm began to see the fruits of its franchise expansion strategy in mainland China, where the number of franchised stores increased by 31 in the past 12 months.

And there was some more good news as comparable sales in the Hong Kong market grew. Meanwhile the Middle East continued to show signs of a recovery even though economies there have slowed sharply this year. Giordano said growth is likely to remain sluggish in the near future as the adjustment to low oil prices  continues.

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