Business Intelligence on Retailing, Franchising, and Consumerism in China

Giordano Revenues Down 12.6% In First Three Quarters Of 2009

Hong Kong apparel retailer Giordano has published its financial results to September 30, 2009.

According to the report, its overall revenues decreased by 9.6% year-on-year in the third quarter of 2009 and its revenues from retail and distribution department decreased by 6.9% year-on-year. During the period, Giordano's retail and distribution revenue in Hong Kong and Macau decreased by 7.7% year-on-year and the revenues in Taiwan and Singapore decreased by 11.9% and 8.4%, respectively. For the Chinese mainland market, which is Giordano's development focus, revenue decreased by 5% compared with the same period last year.

Combined with the financial situation in the first half of 2009, Giordano said its revenues in the first three quarters of 2009 decreased by 12.6% compared to 2008. Though its overall operating statistics showed decline, the company revealed that the decrease had slowed from 14.5% in the first half of 2009 to 9.6%.

Meanwhile, Giordano emphasized that its gross margin increased from 50.4% in the same period of 2008 to 52.1% in the third quarter 2009.

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