Giordano, a fashion retailer listed in Hong Kong, reported a slight increase in revenue for the previous fiscal year, fuelled by a robust second-half recovery.
For the year ending 31st December, the group’s sales increased 1.2 per cent, primarily due to a 5.9 per cent improvement in the second half. Due to a drop in Greater China, sales were flat in the first half.
Revenue for the entire year increased 3.2 per cent while exchange rates were held constant. The group claimed to have seen better results in the online business in Mainland China, as well as in Southeast Asia, Australia, and the Gulf Cooperation Council.
The net profit attributable to shareholders dropped 37 per cent to US $ 27.8 million, while the gross profit margin dropped 1.4 percentage points to 57 per cent.
The management ascribed the fall in profit to the underperformance of Greater China, the reduction in shared profit from the South Korean joint venture, and non-recurring charges that occurred primarily in the first half.
At the conclusion of the year, there were 1732 stores, which was a net loss of 90 sites. Between 2025 and 2030, the group wants to raise its sales at a compound annual growth rate of high single to low double digits. It projects a 3–5 per cent increase in revenue and a quicker rate of profit growth for 2025.
