Home / Knowledge / News / Apparel/Garments / Bossini International revenues down 8% in H1 FY'13
Bossini International revenues down 8% in H1 FY'13
11
Mar '13
Bossini International Holdings Limited announces its interim results for the six months ended 31 December 2012.

Revenue for the Group for the six months ended 31 December 2012 decreased by approximately 8% to HK$1,334 million (2011: HK$1,447 million). Gross profit for the period under review was HK$636 million (2011: HK$715 million), resulting in a reduced gross margin of 48% (2011: 49%).

Profit for the period attributable to owners was HK$34 million (2011: HK$59 million). EBITDA for the period under review was HK$85 million (2011: HK$122 million), while basic earnings per share were HK2.10 cents (2011: HK3.62 cents).

The Board of Directors declared the payment of an interim dividend of HK0.63 cent per share and a special interim dividend of HK1.05 cents per share for the six months ended 31 December 2012.

The Group continued to maintain a healthy financial position with cash and bank balances of HK$344 million (2011: HK$370 million) and a net cash balance of HK$344 million (2011: HK$202 million) as of 31 December 2012. As at 31 January 2013, cash and bank balances increased to HK$378 million with net cash balance also expanded to HK$378 million.

During the first half of the financial year 2012/13, the global economy, clouded by the deep-rooted European debt, United States budget crisis as well as waning momentum in Asia and emerging markets, endured a feeble convalescence as economic weakness and uncertainty continued to mar the prospects of a recovery in consumer sentiment.

In this difficult climate, the Group experienced a modest decrease in sales, leading to a diminishment of profit due mainly to the dampened export franchising markets, widened loss incurred from the Taiwan operation and exorbitant rentals fuelled by fierce competition for prime shopping locations in Hong Kong.

Notwithstanding the formidable backdrop, the Group managed to drive record-high sales in its Hong Kong and Singapore markets, with Singapore market achieving a turnaround in operating profitability for the period under review. Meanwhile, the Group had inventory turnover days of 100 days (2011: 126 days), a 26-day improvement over the 31 December 2011 level and a healthy level especially at a time when the overall industry is plagued by high inventory levels.

The Group followed its pragmatic approach to expansion in light of continued global economic weakness and uncertainty during the period under review and at the same time continued to wind down its “b.style de flyblue” stores in mainland China, Hong Kong and Singapore and closed the under-performing stores.

In the export franchising markets, 7 stores were added during the period under review to a total of 550 (30 June 2012: 543) as it continued to take advantage of selected opportunities in certain markets. Overall, the Group had presence in 36 countries and regions as of 31 December 2012. Of the existing stores, 397 (30 June 2012: 523) were directly managed and 748 (30 June 2012: 791) were franchised stores.

Must ReadView All

Apparel/Garments | On 23rd Feb 2017

NAFTA renegotiation puts Mexico-US jeans trade at risk

The almost imminent renegotiation of the North America Free Trade...

Rick Helfenbein (left), president and CEO of AAFA, with Juan Estrada, chief of party, Hub; Courtesy: Hub

Apparel/Garments | On 23rd Feb 2017

AAFA inks agreement for best manufacturing in East Africa

The American Apparel & Footwear Association (AAFA) has entered into a ...

Mango vice-chairman and member of the board of directors Daniel Lopez (L) with Ananth Narayanan, CEO, Myntra & Jabong. Courtesy: Myntra

Apparel/Garments | On 23rd Feb 2017

Mango awards distribution & management rights to Myntra

Mango, the Spanish fast fashion brand, has awarded its master...

Interviews View All

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search