Bossini International Holdings Limited, a global apparel brand based in Hong Kong, has reported a slight 1 per cent increase in the group's revenue for the first half of fiscal 2023 (H1 FY23), reaching HK$298 million (approximately $38.02 million), up from HK$295 million in the same period last year.

The gross profit witnessed a significant rise of 19 per cent to HK$157 million, compared to HK$132 million in 2022. Additionally, the gross margin increased by 8 percentage points, climbing to 53 per cent from the previous 45 per cent.

However, the company has registered a loss for the period attributable to owners, amounting to HK$82 million, a stark contrast from the HK$22 million profit recorded in the prior year. This discrepancy is attributed to the one-off gain on the disposal of assets held for sale, which contributed HK$174 million to the profit in the last year's period, and a HK$10 million non-cash impairment on assets. The basic loss per share for H1 FY23 amounted to HK2.96 cents, compared to HK0.88 cent basic earnings per share in H1 FY22, the company said in its H1 FY23 interim results.

As of June 30, 2023, Bossini's Group held net cash of HK$264 million, slightly up from HK$256 million in 2022. Inventory turnover days also saw an increase, extending to 194 days from the previous 176 days in 2022.

“The economies of mainland China and Hong Kong SAR are expected to recover gradually, leading to an improvement in retail industry sentiment. The group will adopt a prudent but positive approach to respond to the situation, taking the ‘Bossini.X’ brand as the focus of development and striving to reshape the brand image,” said Cheung Chi, co-chief executive officer of Bossini.

Fibre2Fashion News Desk (DP)

Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.