Giordano sales slide in mainland, rise in Hong Kong
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.