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Giordano sales fall 5pc as consumer demand weakens – Retail in Asia

Retail in Asia

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Giordano sales fall 5pc as consumer demand weakens

Hong Kong casual wear chain Giordano International reported a 5 percent decline in sales for the third quarter as the weak economy and late arrival of cold weather weighed on consumer spending. The clothing retailer said sales for the three months to September fell to HKD1.27 billion (USD163.9 million) from HKD1.33b a year earlier.

Sales in the mainland, Taiwanese and Hong Kong markets were down 7 percent during the quarter, while in other Asia-Pacific regions including Singapore, Malaysia, Indonesia and Thailand, they increased 5 percent.

During the period, the company reduced its store network by a net 19 outlets. As of the end of September, it operated 1,323 shops on the mainland, 77 in Hong Kong, 215 in Taiwan and more than 1,000 in other places.

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