Giordano sales up 6% YoY in Q1 2023

Its same-store sales registered a 16.1% growth.

Giordano’s sales rose by 6% year-on-year (YoY) in the first quarter of 2023 to reach $123.8m (HK$972m) with same-store sales rising despite the closure of non-performing shops.

In a disclosure, Giordano said it same-store sales increased by 16.1% YoY to reach $96.7m (HK$759m). The company closed 155 stores, bringing its store number to 1,875 in the first quarter compared to 2,012 in the same period last year.

Its sales in Southeast Asia and Australia rose by 13.8% on the back of the return of tourists, whilst the sales in the Gulf Cooperation Council increased by 14.3% due to the “succession of well-executed local marketing campaigns and appropriate merchandise assortment.”

“Sales in Greater China have been diminishing, and Hong Kong is no longer a market of significant sales contribution to the Group. Despite it, we have committed a larger advertising budget to upgrade the brand image in the Group’s home market,” said Giordano Chairman and CEO Peter Lau.

The company’s sales in Greater China declined by 1.7% YoY.

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