140 likes | 144 Views
Giordano International Limited's 2009 interim results show a decline in profits in 1H09, excluding non-recurring items. The company plans to focus on improving margins in all markets and resume expansion in Mainland China. The report highlights the turnover by brand and market, as well as the growth and profit drivers for the second half of 2009.
E N D
2009 Interim Results Giordano International Limited (Stock code: 709) August 27, 2009 (Thursday)
Group Financial Highlights(Continuing operations) 1 1H08 profit inclusive of HK$33M China reinvestment tax credit and HK$17M gain on disposal. Excluding non-recurring items, 1H09 operating profit declined by 68.7% and profit attributable to shareholders declined by 70.7% YOY. Giordano 2009 Interim Results
Group Financial Highlights 1 Continuing and discontinuing operations combined 2 Inclusive of HK$33M China reinvestment tax credit 3 Inventory held at period end divided by turnover times number of days for the period 4 As at December 31, 2008 Giordano 2009 Interim Results
Retail & Distribution Giordano 2009 Interim Results
Retail & Distribution turnover by brand For the six months ended June 30, 2009 Others 1% ( 0%) 1 BSX 4% (5%) 1 Giordano Concepts 3% (5%) 1 Giordano Ladies 6% (6%) 1 Giordano & Junior 86% (84%) 1 1 YOY figures in brackets Giordano 2009 Interim Results
1 In local currency for self-operated outlets which were open for the full 6 months in each of the two fiscal years under comparison Giordano 2009 Interim Results
1 In local currency for self-operated outlets which were open for the full 6 months in each of the two fiscal years under comparison Giordano 2009 Interim Results
Retail & Distribution turnover by market For the six months ended June 30, 2009 Mainland China 42% (39%) 1 Other self-operated markets 2 11% (11%) 1 Australia, 4% (5%) 1 Singapore, 8% (9%) 1 Taiwan, 15% (16%) 1 Hong Kong & Macau, 20% (20%) 1 1YOY figures in brackets 2 Includes Malaysia, Thailand, Indonesia and Japan Giordano 2009 Interim Results
Performance review : Group markets 1 In local currency for self-operated outlets which were open for the full 6 months in each of the two fiscal years under comparison Giordano 2009 Interim Results
Performance review : Group markets 1 In local currency for self-operated outlets which were open for the full 6 months in each of the two fiscal years under comparison Giordano 2009 Interim Results
Performance review : Non-consolidated markets 1 In local currency for outlets which were open for the full 6 months in each of the two fiscal years under comparison Giordano 2009 Interim Results
2H09 growth & profit drivers • Resume expansion in Mainland China. Target to add at least the same number of stores as 2H08 (ie 50) and support expansion program with increased A&P • Inventory levels are healthy (ITOS = 25 days as at 30 June 2009). Focus on rebuilding margins in all markets • Gross margin in Hong Kong, Taiwan and Singapore began trending up June and July • Continue to collaborate with suppliers on low FOB products • Develop differentiated products with higher prices and margins • New 5,500 sq m design centre in Dongguan opened in August with 200 design and product development and sourcing staff Giordano 2009 Interim Results
Q&A 2009 Interim Results Giordano International Limited(Stock code: 709)