Fast fashion retailer Giordano sales surge in Hong Kong
In this article (5)
Giordano sales slid 5.2 per cent in the September quarter, according to a trading update by the fast-fashion retailer. Translated into constant currency basis, sales declined by 6.9 per cent, the company said. “We saw a sharp decline in sales as a result of dampened consumer confidence since June throughout the Asia Pacific region,” said chairman and CEO Peter Lau.
Group comparable-store sales slipped by 2.8 per cent.
However, Giordano sales in Hong Kong and Macau bucked the trend, rising by HK$2 million on a same-store basis in the quarter and by $6 million for the nine months to the end of September, reaching $226 million and $703 million respectively.
Mainland China sales fell $30 million to $251 million.
Lau said core Giordano lines accounted for 84.6 per cent of total brand sales. The company’s premium womenswear brand, Giordano Ladies, posted comp-stores growth of 3.3 per cent.
Questions & Answers
Q.What was the overall sales performance for Giordano in the September quarter?
What was the overall sales performance for Giordano in the September quarter?
Giordano's overall sales declined by 5.2 per cent in the September quarter. When translated to a constant currency basis, this decline was 6.9 per cent, according to the company's trading update.
Q.Which specific regions performed well for Giordano despite the overall decline?
Which specific regions performed well for Giordano despite the overall decline?
Sales in Hong Kong and Macau bucked the trend, increasing by HK$2 million on a same-store basis in the quarter. For the nine months to September, these regions saw a rise of $6 million.
Q.How did Giordano's Mainland China sales fare during this period?
How did Giordano's Mainland China sales fare during this period?
Mainland China sales experienced a decline of $30 million in the September quarter. This brought the total sales for the region down to $251 million.
Q.What percentage of total brand sales did the core Giordano lines represent?
What percentage of total brand sales did the core Giordano lines represent?
The core Giordano lines accounted for 84.6 per cent of the company's total brand sales. Also, the premium womenswear brand, Giordano Ladies, showed comparable-store growth of 3.3 per cent.
Reader pulse
Can Giordano maintain HK growth?
19,052 votes so far