Reduction in Giordano Garment Manufacturing gross profits

27 Nov '07

2 min read

In order to provide better disclosure to the financial markets and to the existing and potential shareholders of Giordano International Limited (the “Company”) so that they can better assess the financial performance of the Company and its subsidiaries (the “Group”), the Board of Directors of the Company announces the unaudited 2007 third quarter operations update of the Group for the period ended September 30, 2007.

This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.

Third quarter Retail & Distribution sales increased 9.9 percent; gross margin widened by 0.4 percentage point to 50.3 percent (2006: 49.9 percent) and gross profit improved by 10.7 percent over the same period last year.

Sales growth was smaller than the 11.8 percent increase in the first half when excess winter merchandise was being cleared.

Garment Trading & Manufacturing sales to external customers increased by 1.8 percent during the third quarter but rising costs coupled with the appreciation of the RMB pressurized gross margin.

Overall, Group turnover for the three months ended September 30, 2007 grew 8.8 percent and gross profit increased 6.9 percent over the same period last year.

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