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Trinity Limited loses HK$200m in first half of 2016

Kent and Curwen David Beckham
David Beckham for Kent & Curwen.

Premium menswear retailer Trinity Limited, (0891), which had issued a profit warning in June, reported a loss of HK$200.4 million for the first half of the year. This represented a HK$153 million increase in losses.

Trinity Limited manages five luxury brands — Gieves & Hawkes, Kent & Curwen, Cerruti 1881, D’URBAN and Hardy Amies. It also operates licensed brands.

The company attributed the interim loss mainly to a HK$51.9 million increase in core operating loss, reorganization costs of HK$22.8 million and reduction in income tax credit of HK$22.6 million in the first half, and the HK$50 million gain in the first half of 2015.

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Revenue for the first half ended June 30, 2016, was down by 11.5 percent on year to HK$890.8 million. Hong Kong and Macau revenue dropped to HK$258.19 million from HK$296.58 million in the first half of 2015.

Loss per share was 11.5 HK cents, the company announced today. Same-store sales dropped by 14.2 percent. Retail sales in Hong Kong and Macau fell by 13 percent to HK$258.1 million. Retail sales in the mainland also fell by 23.1 percent to HK$378 million.

(Source: The Standard)