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Bossini International grows turnover figure by 9% in 2005

19
Jul '06
Apparel retailer Bossini International Holdings Limited has announced the annual results for the year ended 31 March 2006.

The Group's consolidated turnover for the year under review surged 9 percent to approximately HK$2,200 million (2005: HK$2,017 million).

Gross profit grew 3 percent to HK$1,025 million (2005: HK$998 million), representing a gross margin of 47 percent (2005: 49 percent). Impacted by an uncompromising operating retail environment in the Asian region marked by much intensified competition, continuous interest rates hikes, unseasonable weather and rising accommodation costs, the market competitiveness of the Group's product and overall performance were thus diminished.

The Group recorded a negative growth of 42 percent in profit attributable to equity holders for the year to approximately HK$105 million (2005 restated: HK$181 million).

The Board of Directors recommended a final dividend of HK1.8 cents per share. Together with an interim dividend of HK1.8 cents per share, the total dividend for the year amounted to HK3.6 cents per share, which is equivalent to a payout ratio of 54 percent (2005 restated: 49 percent).

Law Ka Sing, Chairman of Bossini, said, “We continued to achieve turnover growth, but recorded a decline in net profit. Our network expansion was well on track with the addition of 241 new outlets worldwide, up to a total of 1,068 outlets. The export franchise business remained strong with a surge of 33%, outperforming the pre-set target of 30%.”


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