Upmarket fashion retailer Joyce Boutique Holdings narrowed its net loss by 58.8 per cent to $35.04 million in the year to March through cost-control measures and aggressive marketing.
Managing director Adrienne Ma attributed the company's improved results to 'a successful combination of tight fiscal discipline, tough rationalisation measures and an aggressive marketing and promotion programme'.
Turnover rose 4.8 per cent to $511.14 million. Factoring out the Joyce Cafe and Ad Hoc divisions, which were wound down in the second quarter, turnover rose 13.5 per cent.
'As we indicated in our previous annual report, our focus going forward would be on rebuilding, diversifying and solidifying Joyce's portfolio,' Ms Ma said.
'We followed through ... consequently we were prepared to absorb the systemic shock of the regional public-health crisis that began to play out it the first quarter ... and which will inevitably colour future results.'
The group said its net cash position stood at $217 million.