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Giordano updates Q1 guidance

Jun '07
First quarter's turnover increased 15.3 percent compared with the same period last year. Mainland China recorded the best performance among the Group's main markets, with first quarter sales up 29.4 percent and comparable store sales up 22.1 percent on a year-on-year basis. Meanwhile, Hong Kong, Taiwan and Singapore posted sales gains of 4.0 percent, 1.6 percent and 1.1 percent respectively.

Among our brands, Giordano Ladies posted the best performance, achieving a 24.8 percent sales gain, followed by Giordano which saw turnover increasing by 15.2 percent year-on-year. Gross margin for first quarter 2007 came in lower at 46.1 percent due to more aggressive stock clearances. The Group added 26 outlets in the first quarter, with 12 in Mainland China, bringing the company's global network to 1,793 outlets.

“During the first quarter, we concentrated on strengthening the various Giordano brands and growing our business in Mainland China. Twelve of the 26 outlets added worldwide during the quarter were in Mainland China, including the first Giordano Concepts store in Shanghai."

"Our efforts were rewarded with first quarter 2007 turnover growing by 15 percent year-on-year. We are especially heartened by the 29 percent sales gain we achieved in Mainland China. So far second quarter 2007 top line performance has stayed on course,” remarked Peter Lau, Chairman and Chief Executive of Giordano International Limited.

“However, a warm Chinese New Year sales period obliged us to take deeper discounts than anticipated, while high rental and staff costs caused operating costs to rise at a pace similar to that seen in second half 2006,” Mr Lau continued.

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