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Giordano International expects a solid turnaround as Covid impact wanes

Apparel retailer Giordano International has achieved a dramatic turnaround, with the company filing a positive profit alert on Friday. 

According to preliminary data, the Hong Kong-listed multinational retailer told the Hong Kong stock exchange that it expects a profit of at least HK$50 million (US$6.4 million) for the six months to June 30 – a significant improvement on the $175 million ($22.5 million) loss of the same period a year earlier. 

“The turnaround from loss to profit was primarily due to the double-digit sales increase on the relaxation of social-distancing measures, an improved gross margin, the reduction in the group’s operating expenses, the decrease in impairment loss on right-of-use assets and property, plant and equipment as compared to the HK$71 million impairment made for the corresponding period ended June 30, 2020,” said chairman and CEO Peter Lau.

Giordano International will release its half-year results next month. 

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