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Giordano Q3 sales up 5% on strong retail sales
22
Jan '14
Beating the slowdown blues, Hong Kong-based apparel retailer Giordano has reported 5 per cent growth in its sales at HK$ 1,333 million for the third quarter ended September 30, 2013, driven by strong demand from the Chinese mainland.
 
Founded in 1981 by Jimmy Lai, the company has posted sales of HK$ 1,270 million in the three months ended September 30, 2012, Giordano said in a regulatory filing. 
 
During the three month under review, the retailer witnessed a 9 per cent rise in its gross profit which stood at HK$ 802 million from HK$ 733 million in the same period a year ago. Earnings were boosted by robust demand for the casual-wear apparel from South East Asia emerging markets (Thailand and Indonesia). 
 
Despite the weak global environment, the company has maintained growth momentum for the second consecutive quarter in FY’14 as it remained committed to drive the business towards delivering consistent, competitive, profitable and responsible growth. 
 
Region wise, Giordano sales in mainland China were up 22 per cent on year-on-year basis, followed by 6 per cent in Singapore and 1 per cent in Hong Kong, while its sales in Taiwan declined 2 per cent. 
 
Giordano Ladies recorded the strongest third-quarter sales increase of 13 per cent, the company said.
 
However, global brand sales were slightly down 1 per cent than in the same period last year due to closure of shops and continue discounting in apparel market.
 
The company expects to see pick up in brand sales growth with improved marketing campaign in the fourth quarter of the current fiscal. The company aims to execute general strategy to deliver fresh merchandise, marketing programs and an upgraded store network to other markets, in particular highly competitive markets in Greater China and Singapore.
 

Fibre2fashion News Desk - India

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