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Hong Kong-based apparel retailer, Giordano International, has given shareholders a major lift with a strong profit alert. Its projected H1 2023 net profit could potentially double, which has resulted in a 9.52 percent rise in its stock price. With expected net profits ranging from HK$170 million to HK$200 million, improved sales and margins, as well as effective expense management, have been pivotal.
The retailer anticipates a noteworthy increase in net profit attributable to shareholders for the first half of this year, between HK$170 million and HK$200 million. This represents a substantial growth of 75 to 106 percent compared to the same period in 2022, which amounted to HK$97 million.
The profit surge can be attributed to improved sales, higher gross margins, and controlled operating expenses. Giordano experienced growth in its main markets, including Greater China, Southeast Asia, and the Gulf Cooperation Council.
Interim results will be announced in early August 2023. As the company's net profit continues to grow in the second half of the year, investors believe it will have the capacity to manage dividend payouts and potentially increase them. Giordano's previous dividend payout approaches have instilled high confidence in the market, further supported by the company's substantial cash reserves of HK$960 million as of the end of the previous year.
These notable unaudited accounts for the six months ending June 30 project a net profit range of US$21.71 million to $25.55 million (equivalent to HK$170 million to $200 million). The profit surge for the period was primarily due to improved sales, increased gross margin, and controlled operating expenses," stated the retailer. The three major markets, Greater China, Southeast Asia, and the Gulf Cooperation Council, all reported growth in both sales and profit.
Giordano's auditors are in the final stage of reviewing the unaudited management accounts for the interim period and are expected to release them early next month.
Photo: Auyansang Fundz 200020/Wikimedia Commons(CC BY-SA 4.0)
