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    Indonesia's Thailand Has Become Giordano's Most Profitable Market, With Mainland Profits Declining.

    2019/3/14 17:40:00 1045

    Giordano

    Giordano International Ltd (0709.HK) made 4% less profit last year, and its net profit fell from HK $500 million in 2017 to HK $480 million.

    In 2018, the Hongkong company's income was HK $5 billion 509 million, an increase of 1.8% compared with HK $5 billion 412 million in 2017, an increase of 0.9% in fixed exchange rate, but a 0.1% decrease in sales.

    Sales growth was mainly due to the stimulation of 12 net increase stores and 9.2% strong growth in the first half of the year, but sales in the second half of the year declined by 5.2% due to macro environmental trade friction, especially in the big China market.

    The core brand Giordano brand sold 4 billion 362 million Hong Kong dollars for the whole year, accounting for an annual increase of 0.7%, accounting for 85.6%, of which the Giordano Junior performance of children's clothing business is outstanding, which is 6.9% higher than sales and 4.8% higher than gross profit margin.

    During the reporting period, the high-end women's clothing brand Giordano Ladies increased by 1.1% compared with sales, which was 1.5% higher than gross profit margin.

    The business recorded a HK $452 million sale in 2018, up 6.9% from HK $423 million in 2017.

    The electricity business recorded a HK $314 million sale last year, an increase of 1.3%, accounting for 5.7% of the group's revenue.

    China's mainland market recorded a 3.3% decline in last year's revenue to HK $1 billion 92 million, a decline of 0.9% compared with sales, a decline of 5.2% to HK $580 million in gross profit, 53.1% in gross profit margin and 110 basis points in business year by year, operating profits plummeting 26.5% to 75 million Hong Kong dollars, and operating profit margins 6.9% per annualized basis.

    The mainland market increased by 8 stores to 937 by the end of the year, of which the net sales decreased by 26 to 298, and the franchised stores increased by 34 to 639.

    Sales in Hong Kong and Macao fell 1% to HK $959 million, but same store sales increased by 3.1%, gross profit fell 1.4% to HK $655 million, gross margin 68.2% decreased by 20 points per year, operating profit 11.3% increased by 150 basis points year by year, operating profit 108 million Hong Kong dollar rose 13.7%.

    The Hong Kong and Macao market increased by 1 stores to 79 last year.

    In the other Asian Pacific markets, Indonesia and Thailand rose 7.7% to HK $1 billion 618 million in revenue, 6.8% in gross profit margin of HK $961 million, 59.4% in gross profit margin, 50 basis points on a year by year basis, a 90 basis point improvement in operating margin 14.5%, HK $234 million in business profits, and an increase of 14.8%.

    When commenting on the annual results at the performance meeting, Giordano CEO Liu Guoquan said that last year, the company's performance was better than the previous one, and at least in the volatile macroeconomic environment it could be completely retired.

    For the current fiscal year, he said it is difficult to predict, so do not do the same store sales target setting, and said that the first two months of Hongkong stores sales performance is negative, but I am confident that this year, Hongkong same store sales can grow.

    Liu Guoquan said that the conservative operation of the whole year does not make large-scale investment and continue to control costs, but it will increase the number of stores in Hongkong, and also emphasizes that no layoffs will be made.

    Chen Jiawei, executive director of the group, said that with the entry of new markets in other countries in the Asia Pacific region, it is expected that the group will continue to increase its net stores this year.

    In view of the current concept of the hot Bay area, Liu Guoquan said that the company has set up a special group to focus on the mainland market joining business. It can support 100 stores expansion, but the actual situation depends on the rent level, or there are 20-30 outlets.

    In 2018, Giordano's gross profit margin fell by 50 basis points to 59% per annualized year. Although the average selling price increased by 7.6%, it failed to offset the erosion of cost increase and sales decline, and the operating profit rate dropped 140 basis points to 11.3%.

    By the end of the year, Hongkong's stock grew by 5.3% to HK $552 million, and the inventory period increased by 2 days on 89 days.

    The Group intends to send 16.5 Hong Kong cents at the end of the year. The annual dividend payment of 33.5 Hong Kong cents is slightly lower than that of the 35 Hong Kong cents in 2017, but the dividend payout rate is still higher than 100%.

    After the announcement, Giordano International Ltd (0709.HK) narrowed its share price on Thursday, and the 1.01% increase in Friday was 3.99 Hong Kong dollars, corresponding to the market value of HK $6 billion 298 million.

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