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Hong Kong, Oct 23, 2009 (ABN Newswire) - Bossini International Holdings Limited (HKG:0592) announced today its annual results for the year ended 30 June 2009.
Despite the unprecedented global financial tsunami, the Group remained profitable with a healthy balance sheet and a positive financial position. Revenue for the year under review just declined slightly by 3% to HK$2,254 million (2008: HK$2,317 million). Gross profit was HK$1,113 million (2008: HK$1,170 million), representing a gross margin of 49%, down slightly from 50% in the previous year. Profit attributable to equity holders declined 21% to approximately HK$50 million (2008: HK$64 million). Basic earnings per share were HK3.16 cents (2008: HK4.01 cents). The Board of Directors proposed payment of final dividend of HK1.0 cent per share. Together with the interim dividend of HK1.0 cent per share, the total dividend for the year amounted to HK2.0 cents per share. Net cash on hand was HK$265 million at 30 June 2009 (2008: HK$310 million).
*Time deposits, cash and bank balances less bank loans
Ms. Kathy Chan, Deputy Chairman and Chief Executive Officer of Bossini, said, "We acted promptly to minimise the adverse impact of the financial tsunami to our business development. We took a proactive approach to expand our export franchise business, strengthen our presence in the Mainland China and manage our costs effectively. While the financial tsunami over the past year caught many businesses off guard, Bossini's business remained intact and stayed profitable."
On the operational level, the Group's overall same-store sales recorded a 3% decline (2008: 5% growth) due to the severity of the global financial crisis that hit in September 2008. The Mainland China market witnessed modest growth, posting a 5% same-store sales growth (2008: remained flat), while Hong Kong, Taiwan and Singapore markets recorded same-store sales declines of 2%, 12% and 8% (2008: 6%, 5% and 4% growth) respectively.
The Group is committed to maintaining a strong retail network, of which the stores could be found in 33 countries and regions across the globe. As of 30 June 2009, Bossini had 538 (2008: 477) directly managed stores and 640 (2008: 579) franchised stores globally. Out of the 1,178 (2008: 1,056) stores in total, 578 (2008: 492) stores were located in Mainland China. The Group has stepped up its presence in the Mainland China by increasing overall retail floor area to 373,500 sq. ft. (2008: 293,600 sq. ft.), an increase of 27% compared with last year. This strategy led to a 5% growth in sales to HK$468 million (2008: HK$447 million).
Mainland China continues to show strong market growth potential and the Group expects to see continual improvements with a plan to introduce 100 additional directly managed stores and 150 franchised stores to Mainland China, bringing the total number of stores in this region over 820. While Mainland China may emerge as the key growth driver, the Group will expand pragmatically and steadily in other markets as well. We plan to add 24 stores in other regions. A total of 274 new stores will be added to the Group during the coming fiscal year.
"Looking into the future, the global economic outlook remains uncertain. However, the management has mapped out strategies to achieve continuous growth by focusing on enhancing brand image of "bossini" to foster its competitiveness, expanding our presence in the fast growing Mainland China market, expanding our export franchise business continuously and optimising internal operations to elevate cost effectiveness. More "bossinistyle" and "Yb" standalone shops will be added to our distribution network as part of our strategic moves to prepare for the Group's long term development in the future." Ms. Chan said.
Ms. Chan concluded, "After years of considerable efforts on establishing a strong business foundation, we are confident that the Group would achieve sustainable growth for the years to come. We remain cautiously optimistic towards the business environment in the near future and Bossini will continue to reinforce its leadership in the industry in the long run."
Despite the unprecedented global financial tsunami, the Group remained profitable with a healthy balance sheet and a positive financial position. Revenue for the year under review just declined slightly by 3% to HK$2,254 million (2008: HK$2,317 million). Gross profit was HK$1,113 million (2008: HK$1,170 million), representing a gross margin of 49%, down slightly from 50% in the previous year. Profit attributable to equity holders declined 21% to approximately HK$50 million (2008: HK$64 million). Basic earnings per share were HK3.16 cents (2008: HK4.01 cents). The Board of Directors proposed payment of final dividend of HK1.0 cent per share. Together with the interim dividend of HK1.0 cent per share, the total dividend for the year amounted to HK2.0 cents per share. Net cash on hand was HK$265 million at 30 June 2009 (2008: HK$310 million).
*Time deposits, cash and bank balances less bank loans
Ms. Kathy Chan, Deputy Chairman and Chief Executive Officer of Bossini, said, "We acted promptly to minimise the adverse impact of the financial tsunami to our business development. We took a proactive approach to expand our export franchise business, strengthen our presence in the Mainland China and manage our costs effectively. While the financial tsunami over the past year caught many businesses off guard, Bossini's business remained intact and stayed profitable."
On the operational level, the Group's overall same-store sales recorded a 3% decline (2008: 5% growth) due to the severity of the global financial crisis that hit in September 2008. The Mainland China market witnessed modest growth, posting a 5% same-store sales growth (2008: remained flat), while Hong Kong, Taiwan and Singapore markets recorded same-store sales declines of 2%, 12% and 8% (2008: 6%, 5% and 4% growth) respectively.
The Group is committed to maintaining a strong retail network, of which the stores could be found in 33 countries and regions across the globe. As of 30 June 2009, Bossini had 538 (2008: 477) directly managed stores and 640 (2008: 579) franchised stores globally. Out of the 1,178 (2008: 1,056) stores in total, 578 (2008: 492) stores were located in Mainland China. The Group has stepped up its presence in the Mainland China by increasing overall retail floor area to 373,500 sq. ft. (2008: 293,600 sq. ft.), an increase of 27% compared with last year. This strategy led to a 5% growth in sales to HK$468 million (2008: HK$447 million).
Mainland China continues to show strong market growth potential and the Group expects to see continual improvements with a plan to introduce 100 additional directly managed stores and 150 franchised stores to Mainland China, bringing the total number of stores in this region over 820. While Mainland China may emerge as the key growth driver, the Group will expand pragmatically and steadily in other markets as well. We plan to add 24 stores in other regions. A total of 274 new stores will be added to the Group during the coming fiscal year.
"Looking into the future, the global economic outlook remains uncertain. However, the management has mapped out strategies to achieve continuous growth by focusing on enhancing brand image of "bossini" to foster its competitiveness, expanding our presence in the fast growing Mainland China market, expanding our export franchise business continuously and optimising internal operations to elevate cost effectiveness. More "bossinistyle" and "Yb" standalone shops will be added to our distribution network as part of our strategic moves to prepare for the Group's long term development in the future." Ms. Chan said.
Ms. Chan concluded, "After years of considerable efforts on establishing a strong business foundation, we are confident that the Group would achieve sustainable growth for the years to come. We remain cautiously optimistic towards the business environment in the near future and Bossini will continue to reinforce its leadership in the industry in the long run."
Results Highlights
-----------------------------------------------------
For the year ended 30 June 2009 2008
Revenue HK$2,254 mn HK$2,317 mn
Gross profit HK$1,113 mn HK$1,170 mn
Gross profit margin 49% 50%
Profit attributable to
equity holders HK$50 mn HK$64 mn
Basic EPS attributable to
ordinary equity holders HK3.16 cents HK4.01 cents
Dividend per share
- interim HK1.0 cent -
- final HK1.0 cent HK1.0 cent
HK1.0 cent
-----------------------------------------------------
At 30 At 30 At 30
Sept 2009 June 2009 June 2008
Cash and
bank balances HK$403 mn HK$342 mn HK$310 mn
Net cash* HK$318 mn HK$265 mn HK$310 mn
-----------------------------------------------------
Appendix - Store composition by type and
geographical location is detailed as below:
------------------------------------------------------------
At 30 June 2009 At 30 June 2008
------------------------------------------------------------
Directly Franchised Directly Franchised
managed stores managed stores
stores stores
------------------------------------------------------------
Hong Kong 41 -- 41 --
Mainland China 362 216 304 188
Taiwan 84 -- 89 --
Singapore 31 -- 29 --
Malaysia 20 -- 14 --
Other countries
and regions -- 424 -- 391
Total 538 640 477 579
------------------------------------------------------------
About Bossini International Holdings Limited
Bossini International Holdings Limited, listed on The Stock Exchange of Hong Kong Limited in 1993 (stock code: 592), and its subsidiaries ("Bossini") is a leading apparel brand owner, retailer and franchiser in the region. Headquartered in Hong Kong, Bossini launched its first retail outlet in 1987. Over the past two decades, it rapidly established an extensive international operating platform and distribution network and successfully expanded its business to about 30 countries & regions around the globe, with its five core markets of Hong Kong, Mainland China, Taiwan, Singapore and Malaysia.
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