Revised forecasts hammer Goldlion

Fashion retailer and distributor Goldlion Holdings slipped for a fifth day yesterday as a string of recent earnings downgrades kept its share price under pressure.

The stock dipped 2.5 cents to $4.975. Last week, institutional selling sent it plunging 20 per cent to levels last seen in December 1995.

Analysts said several houses had cut their earnings growth forecasts because of sluggish retail sales in China, especially at the top end of the market. They said that the fourth-quarter performance was particularly worrying.

Goldlion sells a range of high-quality apparel products in China.

Estimates for earnings growth in this financial year have been chopped from about 20 per cent to between 10 and 15 per cent.

Goldlion has said earnings growth from its China division this year would fall below the 20 per cent mark.