Chairman blames erratic weather and weak consumer sentiment in the region as profit declines 19.3pc
Giordano International, a Hong Kong-based casual retailer that operates in more than a dozen Asia markets, said half-year profit fell 19.3 per cent as improved consumer sentiment in the second quarter failed to offset the slump in the first three months.
Net income was HK$151 million for the six months to June, compared with HK$187 million a year earlier. Turnover dropped 6.1 per cent to HK$2.02 billion, down from HK$2.15 billion previously.
'Erratic weather patterns in greater China and weak consumer sentiment in Southeast Asia slowed sales in the first quarter,' but performance was stronger in the second quarter, Giordano chairman Peter Lau Kwok-kuen said.
Sales in Taiwan fell 17.6 per cent to HK$322 million while those in Singapore dropped 7.3 per cent to HK$190 million, more than wiping out a 1.7 per cent gain on the mainland to HK$472 million and a 1.9 per cent rise in Hong Kong to HK$420 million.
Overall, the retail and distribution division's sales fell 4.3 per cent to HK$1.87 billion with same-store sales dropping 5.3 per cent.