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Bossini posts interim results for 12-months ended March 31

Jun '07
Bossini International Holdings Limited announced its interim results for the 12 months ended 31 March 2007. The Group's consolidated revenue for the 12-month period declined year-on-year by 4% to HK$2,105 million. The gross margin was maintained at a stable level of 47% (2006: 47%).

Nevertheless, impacted by rising rental and staff costs, though managed at a reasonable level, the Group's operating profit declined by 68% to HK$44 million. Profit attributable to equity holders decreased to approximately HK$20 million. Despite the unsatisfactory retail performance on a 12-month basis, the export franchising business posted moderate growth.

Revenue from export franchising rose by 6% year-on-year to HK$309 million. Operating profit increased by 7% to HK$92 million, operating margin remained to be 30%. Ms Kathy Chan, Chief Executive Officer of Bossini, said, “The Group's sales showed quarter-on-quarter improvements along with the progressive launching of spring/summer 2007 collection.

After experiencing sluggish sales in the third quarter, sales picked up gradually in the fourth quarter of 2006/07. Growth was particularly encouraging in Mainland China in the fourth quarter, with double-digit same store sales growth. Supported by the launch of new product lines and the brand revamp program, we cater to the needs of a wider group of customers and are confident that the Group will achieve revival in the years ahead.”

The Group further extended itsnetwork coverage and established footprints in India and Oman. During the 12 months ended 31 March 2007, the Group's number of outlets worldwide increased by a net 25 to 1,093, covering more than 20 countries and regions as at 31 March 2007. The total retail floor space increased by 5% to 663,100 sq. ft. as at 31 March 2007.

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