According to the Zhitong Finance App, Giordano International (00709) announced that the Group's sales in the first quarter were HK$917 million, an increase of about 5.5% over the previous year, mainly due to significant improvements in the Southeast Asian market and the Gulf Arab Cooperation Council after easing social distance measures and travel restrictions caused by the novel coronavirus 2019. Online sales increased 31.6% year over year. Social distance measures triggered by the new wave of COVID-19 in Greater China have had an adverse impact on the Group's sales. After the Spring Festival, sales in the Hong Kong and Macau markets, which rely on tourism, declined sharply. The company will continue to discontinue underperforming stores that have not received significant rent cuts.

The company's inventory levels remain high mainly due to early receipt of products for the second quarter Ramadan shopping season and precautions against unpredictable production and logistics disruptions. Most of the products are evergreen and seasonal.

As at 31 March 2022, the Group's cash and bank balance (net of bank loans) was approximately HK$933 million, a year-on-year decrease of 18.3%. However, compared to HK$875 million on 31 December 2021, the company's cash position improved.