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Global Brands revenue down 5.2% in H1 FY2020

Nov '19
Pic: Global Brands Group
Pic: Global Brands Group
Revenue of Global Brands Group decreased by 5.2 per cent in H1 FY2020 ending September 30, 2019, compared to same period last year. The total margin increased by 600 basis points, from 27.2 per cent to 33.4 per cent, as a percentage of revenue. The increase was due to reduction of off-price sales levels and strengthening of the group’s sourcing capability.

Operating costs, excluding other gains/losses, reflected a decrease of $$68 million or 20.7 per cent. The decrease was driven by the group’s ongoing efforts to streamline the business and optimise its brands and resources.

Contributed by higher margins and lower operating expenses, the group has returned to a positive EBIDTA for the reporting period, with an increase of 304.4 per cent compared to the same period last year.      

“I’m pleased we have achieved a significant improvement in performance despite the challenging macro environment and changes facing the retail sector globally. This demonstrates our efforts to streamline the group’s operations have positively impacted our results,” said Rick Darling, chief executive officer of Global Brands Group Holding Limited.

"It is encouraging to see the progress we have made in driving forward the group’s transformation," added Darling. "At the half-year mark, I’m pleased to share that we have already exceeded both our initial target of $$100 million and subsequent target of $$140 million in operating cost reduction, which we had originally anticipated achieving by the end of this FY2020. While we continue to restructure and transform our business, our product expertise, unique global platform and channel-agnostic approach have put us on a path to sustainable growth."

Global Brands Group Holding Ltd is one of the world’s leading branded apparel and footwear companies. The group designs, develops, markets and sells products under a diverse array of owned and licensed brands.

Fibre2Fashion News Desk (PC)

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