Tuesday, March 19, 2019
Martin Hennecke

Giordano income up
Casual wear retailer Giordano International's (0709) net profit grew by 3.7 percent to HK$254 million in the half-year ended June 30, 2018.

It declared an interim dividend of 17 HK cents per share, compared with 15 HK cents per share in 2017. Basic earnings per share were HK$16.2.

Group sales were up by 9.2 percent to HK$2.86 billion. Sales from e-business rose by 22.6 percent. e-business sales in the mainland, which accounted for 89.6 percent of the group's e-business sales, rose 19.7 percent.

Gross profit grew by 8.2 percent to HK$1.69 billion, driven mainly by a 9.5 percent increase in prices but offset by a 12.4 percent increase in product cost and a 5.2 percent decrease in volume.

Product costs were higher due largely to the appreciation of the yuan as the majority of its products were sourced from the mainland.

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