HONG KONG (Yosefardi) – Giordano International Ltd booked net profit of HK$340 million in the first half of 2013, slipped 3% from the corresponding period of 2012, but grew 10% excluding non-recurring disposal gains.
Sales revenue, meanwhile, grew by 5% to HK$2.84 billion, with strong growth in emerging markets, including Indonesia.
“Sales continue to grow strongly in emerging markets in Thailand, Malaysia and Indonesia. Despite increasing costs with rising wages and rentals, EBIT in South East Asia increased by 6% or HK$8 million. These are key markets for us where the brand is well positioned and our operations are strong. EBIT in South East Asia now represents 32% of the Group’s EBIT,” Giordano said.
Mainland China sales, however, declined 7% to HK$854 million, where number of outlets dropped 180 to 1,178.
As at June 30, 2013, Giordano operated 2,622 outlets worldwide, down 101 outlets from June 2012.