Giordano estimates net profit to significantly grow in FY23, attributed to the apparel retailer’s positive performance in greater China.

The company forecasts the full-year net profit to increase 21-29 per cent to HK$325-345 million (US$41.6-44.2 million).

The outlook comes as Giordano booked a net profit of HK$190 million in the first six months ended June 30 and anticipates net profit of HK$135 million to HK$155 million in the second half ended December 31.

The company said its efforts to further streamline the business, along with cost control measures and upgrading of the brand, have contributed to the improvement of the results.

Early last year, Giordano said that it diverted its resources to Southeast Asia and Gulf Cooperation Council segments due to restrictive economic activity in Mainland China and Hong Kong.

In addition, the firm said it intends to further boost its footprint in developing economies through franchising and licensing.