Bossini’s profit for the year to June rose to HK$22 million (US$2.8 million) from HK$16 million (US$2.06 million) in 2012.
Despite the profit rise, the Hong Kong retailer says it remains cautious as it expects challenges for the apparel retailing industry to continue.
“The financial year 2013/14 continues to be challenging with adverse dynamics in the apparel retailing industry,” said CEO Edmund Mak.
The company’s revenue declined from HK$2.7 billion in 2012 to HK$2.5 billion while gross profit declined by seven per cent to HK$1.2 billion due to network consolidation.
Mainland China’s slowdown and competition resulted in an operating loss of HK$116 million. This was offset by a healthy growth in Singapore (seven per cent) and Hong Kong (three per cent).
Bossini closed nearly 300 stores during the period, taking its store count to 1017; 300 directly managed and 717 franchised.
The company plans to open more concept stores in Hong Kong and other markets to heighten customers’ shopping experience and sales productivity. It has already opened a concept store in Mongkok which promotes the brand’s essence of the ‘be happy’ philosophy.
