佐丹奴国际2023 中期报告

(Stock Code 目 錄CONTENTS Financial Highlights1 Management Discussion and Analysis2 Report on Review of Interim Financial Information15 Consolidated Income Statement17 Consolidated Statement of Comprehensive Income18 Consolidated Balance Sheet19 Consolidated Cash Flow Statement21 Consolidated Statement of Changes in Equity23 Notes to the Unaudited Condensed ConsolidatedInterim Financial Statements25 Other Information55 Corporate Information67 管 理 層 之 論 述 及 分 析MANAGEMENT DISCUSSION AND ANALYSIS MANAGEMENT DISCUSSION AND ANALYSISOF GROUP RESULTS OF OPERATIONS ANDFINANCIAL POSITION 2 0 2 32 0 2 263 0 Unless otherwise stated, the following commentaries refer tothe year-on-year (“YOY”) comparison for the six months endedJune 30, 2023, and 2022. OVERVIEW •Group sales were up 5.0% to HK$1,970 million (2022:HK$1,877 million). All three major markets, GreaterChina, Southeast Asia, and the Gulf Cooperation Council,reported growth. •5 . 0 %1 9 . 7 02 0 2 21 8 . 7 7 •Gross margin increased by 3.6 percentage points to58.7% (2022: 55.1%), attributable to higher selling pricesand fewer discounts, resulting in an 11.7% increase ingross profit. •3 . 65 8 . 7 %2 0 2 25 5 . 1 %1 1 . 7 % •Operating expenses rose marginally due to variable costsfrom higher sales. The expense-to-sales ratio declined by0.9 percentage points to 46.6% on efficiency gains. •0.946.6% •Net profit attributable to the shareholders of the Companysoared to HK$190 million (2022: HK$97 million) at a netmargin of 9.6% (2022: 5.2%). •1 . 9 02 0 2 29 , 7 0 09 . 6 %2 0 2 25 . 2 % •Group inventories closed lower to HK$501 million (2022:HK$541 million), attributable to prudent procurementmanagement. Inventory turnover on cost shrunk by fivedays to 111 days. •5 . 0 12 0 2 25 . 4 151 1 1 •The cash and bank balances, net of bank loans, increasedto HK$1,014 million as of June 30, 2023 (2022: HK$910million). •2 0 2 363 01 0 . 1 42 0 2 29 . 1 0 •Basic earnings per share were 12.0 HK cents (2022: 6.1HK cents). •1 2 . 02 0 2 26 . 1 •The Board of Directors has declared an interim dividend of17.0 HK cents per share (2022: 8.5 HK cents per share). •1 7 . 02 0 2 28 . 5 管 理 層 之 論 述 及 分 析（ 續 ）MANAGEMENT DISCUSSION AND ANALYSIS (continued) RESULTS OF OPERATIONS 12341234 “Group sales” means consolidated sales comprising direct-operated stores’ retailsales and wholesale to franchisees. “Group same-store sales” means “Group sales” having deducted sales fromnewly-opened stores, and stores temporarily closed for an extended period orterminated during the comparable periods. “Global brand sales/gross profit” comprises all Giordano retail sales/gross profitfrom direct-operated stores, franchised stores, and stores operated by a jointventure. These are at constant exchange rates. “Inventory turnover on cost” is calculated by dividing inventories held at theperiod-end by the cost of sales multiplied by the number of days in the period. 管 理 層 之 論 述 及 分 析（ 續 ）MANAGEMENT DISCUSSION AND ANALYSIS (continued) Sales and gross profit 5 . 0 %1 9 . 7 02 0 2 21 8 . 7 77 . 9 %1 2 . 3 %1 2 . 8 %8 . 2 % Group revenue grew by 5.0% to HK$1,970 million (2022:HK$1,877 million), or 7.9% on a constant dollar basis.Comparable retail store sales registered a 12.3% growth.G r e a t e r C h i n a , S o u t h e a s t A s i a ( “ S E A ” ) , a n d t h e G u l fCooperation Council (“GCC”) reported growth driven bystrategic price adjustments, the right merchandise, andeffective local marketing. Sales per square foot soared by12.8%. Online sales continued to grow at 8.2%, notably inGreater China. 2 0 2 22 0 1 92 0 1 9 Wholesale to franchisees recorded a YOY decrease. In the caseof overseas franchisees, this was primarily due to the largeshipments in late 2022 to support their post-Covid-19 salesrecoveries. In the case of Mainland China, this was mainly dueto the closure of non-performing franchisee stores during theCovid-19 period. We expect the number of franchised stores inMainland China to increase in the 2H. 3 . 65 8 . 7 %2 0 2 25 5 . 1 % The Group’s gross margin was up 3.6 percentage points to58.7% (2022: 55.1%). The margin improvement was mainlydue to the higher selling prices and fewer discounts. 管 理 層 之 論 述 及 分 析（ 續 ）MANAGEMENT DISCUSSION AND ANALYSIS (continued) Other income and gains, net Other income and gains included royalties, licensing fees,interest income, rental income, government assistance, andexchange difference. The Group’s net cash position benefitedfrom the rising interest rate environment. Operating expense and operating profit 4 6 . 6 %2 0 2 24 7 . 5 %2 . 7 42 0 2 21 . 6 66 5 . 1 %1 3 . 9 %2 0 2 28 . 8 % The operating expense-to-sales ratio was 46.6% (2022:47.5%). The Group’s operating profit was HK$274 million(2022: HK$166 million), up 65.1% YOY, with an operating profitmargin of 13.9% (2022: 8.8%). Net impairment of right-of-use assets andproperty, plant and equipment 3 62 0 2 21 0 0 There was no significant impairment provision or re