集团零售收入按固定汇率基准上升1.1%，惟仍按年下跌2.6%。差额乃由于港元汇兑大部分货币升值导致汇兑亏损所致。按地区划分的收入下跌主要由于大中华下跌5.1%，延续自2023年下半年以来的下跌趋势，而海湾阿拉伯国家合作委员会及东南亚及澳洲的收入则分别取得0.6%及6.7%的增长。总括而言，先前策略大部分仅着重于透过提升价格及削减成本措施以提升盈利能力，对品牌、产品及市场营销的投资并不明显，对未来的增长亦不可持续。Giordano International (00709) announced results for the six months ended June 30, 2024, and the company received revenue during the period...
According to the Zhitong Finance App, Giordano International (00709) announced results for the six months ended June 30, 2024. The company obtained revenue of HK$1.903 billion, a decrease of 3.4% year on year; profit attributable to shareholders of the company was HK$0.12 billion, a decrease of 36.84% year on year; basic profit per share was 7.4 HK cents; and the proposed interim dividend was HK$8.0 per share.
According to the announcement, the decline in revenue was mainly due to poor performance in Greater China, which recorded an 8.3% decline. Within this region, mainland China, Hong Kong, and Taiwan recorded declines of 9.9%, 6.3%, and 8.8%, respectively.
The Group's retail revenue rose 1.1% on a fixed exchange rate basis, but remained down 2.6% year-on-year. The difference was due to exchange losses due to the appreciation of the Hong Kong dollar against most currencies. The decline in revenue by region was mainly due to a 5.1% decline in Greater China, continuing the downward trend since the second half of 2023, while revenue from the Gulf Cooperation Council and Southeast Asia and Australia increased by 0.6% and 6.7%, respectively. Overall, most of the previous strategies focused only on increasing profitability through price increases and cost reduction measures. Investments in brands, products and marketing were not obvious, and future growth was unsustainable.
During the review period, the Group's offline sales in mainland China fell sharply by 26.5%, while sales in comparable stores fell 15.9%. The decline in sales was due to an aging inventory in the market, and was also a direct result of the decline in the Group's brand concept and popularity. The decline in sales increased as the Group further disconnected brands from consumers through a number of cost-cutting measures. The Group's gross profit in mainland China fell sharply by 12.8%. As the Group introduced quick-impact measures and product plans centered on store operations, the Group saw a gradual improvement in sales in the second quarter, and the year-on-year decline in offline sales slowed from 30.6% in the first quarter to 20.9% in the second quarter.
Online channel sales increased by 1.7%, mainly due to discounts, but also caused gross margin to drop by 1.5 percentage points. The discount strategy will be implemented in the second half of 2023 and will last until the first half of 2024. Although the growth of online channels has had a positive impact, it has not been able to offset the loss of offline profitability at the cost of offline retail sales and lower gross margins. As the Group introduced quick-impact measures and focused on speeding up the shift of online business to other platforms with higher gross margins, the Group saw revenue improvement in the second quarter, achieving a 13.5% increase, compared to an 11.0% decline in the first quarter.