Fashion retailer Cabbeen boosts sales and profit from organic growth

Hong Kong-listed Mainland China fashion retailer Cabbeen has reported 37.5 per cent growth in sales in the first half of the year.

Cabbeen operates 847 stores, trading under the brands Cabbeen Lifestyle, Cabbeen Urban, streetwear label 2AM and Cabbeen Kids. Total sales for the six months to June 30 were RMB558.1 million (US$81.86 million). The company said the increase was mainly attributable to same-store sales growth of its offline shops, expansion of the group’s online retail channels and the absence of a product repurchase program. There was a net increase of just two physical stores in the period.

Cabbeen Lifestyle continues to be the main brand of the group, contributing a majority of revenue.

Profit from operations of RMB169.9 million for the six months was up 23.1 per cent, as operating margin decreased from 34 per cent for the same period last year to 30.4 per cent this year, as gross margins fell.

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