Retail in Asia

In Shops

HK’s Bossini posts gross profit jump; to open 292 new stores next year

Hong Kong-based casualwear retailer Bossini on Wednesday said revenue for the financial year 2010/11 ended on 30 June 2011 grew 15 percent to HKD2.64 billion (USD338.6 million). Gross profit increased 14 percent to HKD1.35b.

Same-store sales in Hong Kong registered double-digit growth for two consecutive years, reaching 11 percent in the year under review. Revenues generated from the Hong Kong market increased by 10 percent to HKD1.41b.

Same-store sales growth was positive across the board. For the mainland China, Taiwan, Singapore and Malaysia markets, the same-store sales recorded increases of 11 percent, 3 percent, 14 percent and 8 percent, respectively.

During the year under review, the group achieved robust expansion in its regional network. The group has presence in 36 countries and regions. As consumer sentiment improved during the fiscal year 2010/11 in the group’s export franchising markets, the group seized opportunities for network expansion by adding 68 stores to its existing network, bringing the total number of export franchised stores to 521 at 30 June 2011. As of 30 June 2011, the group had a total of 1,475 stores, an increase of 114 stores compared to 30 June 2010. Of this total, 639 were directly managed stores and 836 were franchised stores.

In the coming fiscal year 2011/12, the group plans to open an additional 294 new stores, of which 225 stores will be located in the mainland China market, which will bring the total number of stores to about 1,000 by the next fiscal year. Another six stores will be added in Hong Kong. A total of 46 new franchised stores will be added in the coming fiscal year.