Bossini issues revised loss warning
Lifestyle apparel brand Bossini has warned shareholders its loss this year will blow out to about $139 million, citing Hong Kong’s rolling protests.
That figure is higher than the $124 million it projected at the end of May after reviewing management accounts showing a loss of $92 million for the 10 months to April. It represents a five-fold increase from last year’s loss of $29 million.
In May, Bossini chairwoman Bess Tsin said the final figure would depend on trading in May and June and yesterday she issued a “supplemental announcement” to the earlier profit warning.
“The annual results recorded was slightly off track from what had been expected in the announcement because of the increase in the loss derived from the Hong Kong and Macau segment as a result of a further weakening in consumer sentiment and the adversity in business environment [resulting] from the social unrest in Hong Kong in the last month of this financial year.”
The final result will be released within the next fortnight after an audit is completed.