Giordano Int'l announced its 2024 interim report, showing a 3.4% decrease in revenue to 1.903 billion Hong Kong dollars, and a 26.3% decrease in operating profit to 0.202 billion Hong Kong dollars. The profit attributable to shareholders also saw a significant decline of 36.8% to 0.12 billion Hong Kong dollars, with earnings per share dropping from 12.0 Hong Kong cents to 7.4 Hong Kong cents. The interim dividend was also reduced from 17.0 Hong Kong cents per share to 8.0 Hong Kong cents. The report indicated that the decline in revenue was mainly due to continued sales decline in the Greater China region, while the increase in operating expenses also put pressure on profits. Nevertheless, the group implemented a series of quick measures in the second quarter, including marketing, procurement...Show More

Giordano Int'l announced its 2024 interim report, showing a 3.4% decrease in revenue to 1.903 billion Hong Kong dollars, and a 26.3% decrease in operating profit to 0.202 billion Hong Kong dollars. The profit attributable to shareholders also saw a significant decline of 36.8% to 0.12 billion Hong Kong dollars, with earnings per share dropping from 12.0 Hong Kong cents to 7.4 Hong Kong cents. The interim dividend was also reduced from 17.0 Hong Kong cents per share to 8.0 Hong Kong cents. The report indicated that the decline in revenue was mainly due to continued sales decline in the Greater China region, while the increase in operating expenses also put pressure on profits. Nevertheless, the group implemented a series of quick measures in the second quarter, including marketing, procurement, store operations, inventory management, and acceleration of online business, which has yielded positive results. The group also underwent a technology upgrade, expected to be completed in the second half of 2024, to expedite future sales growth. Additionally, the report mentioned that the group repurchased and canceled 610,000 ordinary shares during the reporting period, reflecting confidence in the company's long-term business outlook.