佐丹奴国际2024 中期报告

(Stock Code 目 錄CONTENTS Financial Highlights1 Management Discussion and Analysis2 Report on Review of Interim Financial Information21 Consolidated Income Statement23 Consolidated Statement of Comprehensive Income24 Consolidated Balance Sheet25 Consolidated Cash Flow Statement27 Consolidated Statement of Changes in Equity29 Notes to the Unaudited Condensed ConsolidatedInterim Financial Statements31 Other Information59 Corporate Information74 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 42 0 2 363 0 Unless otherwise stated, the following commentaries refer tothe year-on-year (“YOY”) comparison for the six months endedJune 30, 2024, and 2023. OVERVIEW •Group revenue was flat YOY at a constant exchangerate and down 3.4% with currency impact. Revenuegrowth on a constant-dollar basis of 0.6% was recordedin the Gulf Cooperation Council, while Southeast Asiaand Australia was up 6.7%. Greater China declined bya further 5.1% YOY, a continuation of the downtrendthat had started in 2H2023. The previous strategy whichfocused on profitability through raising prices and cost-cutting measures with insignificant investment in brand,product, and marketing has resulted in a year-on-yearrevenue decline in Greater China. •3 . 4 %0 . 6 %6 . 7 %5 . 1 %2 0 2 3 •Gross margin was recorded at 58.9%, up 0.2 percentagepoints, mainly attributable to a change in channel mix; thatis, it was driven by a lower contribution from wholesale,which generally has a lower margin than other channels,thus gearing up the Group’s gross margin. The higheraverage selling price in our own retail channels could notmitigate the volume drop and product cost increase. Asa result, the Group’s gross profit reported a drop of 3.1%YOY on the back of negative currency impact. •5 8 . 9 %0 . 23 . 1 % •Operating expenses – as a percentage of revenue – wereup 2.9 percentage points; the ratio grew from 46.6%to 49.5%, primarily driven by one-off non-recurringexpenses related to the corporate requisition exercise. •2 . 94 6 . 6 %4 9 . 5 % •The net profit attributable to the shareholders of theCompany was HK$120 million (2023: HK$190 million).This drop was due to the one-off non-recurring expensesof 2024, the substantial reduction in one-off income fromthe South Korean joint venture, the significant profit dropfrom Greater China, as well as the increase in operatingexpenses associated with the Company’s 5-year businessstrategy transformation program. •1 . 2 02 0 2 31 . 9 02 0 2 4 管 理 層 之 論 述 及 分 析（ 續 ）MANAGEMENT DISCUSSION AND ANALYSIS (continued) •I nQ 2 ,w e i m p l e m e n t e d a s e r i e s o f Q u i c k W i ninitiatives across the Group that focused on marketing,merchandising, store operations, inventory managementand online business acceleration. We have started to seepositive results after their implementation. • •5 . 1 42 0 2 35 . 0 11 1 9•2 . 6 52 0 2 463 07 . 2 0•7 . 42 0 2 31 2 . 0•8 . 02 0 2 31 7 . 0•Group inventory remained relatively constant at HK$514•Net cash flow from operating activities amounted to•Basic earnings per share were 7.4 HK cents (2023: 12.0•The Board of Directors has declared an interim dividend of million (2023: HK$501 million), while inventory turnoveron cost rose by eight days to 119 days. HK$265 million. The Group’s net cash balance wasHK$720 million as of June 30, 2024. Although theexchange rate difference negatively impacted theCompany’s cash position, our overall financial healthremains robust. HK cents). 8.0 HK cents per share (2023: 17.0 HK cents per share). 管 理 層 之 論 述 及 分 析（ 續 ）MANAGEMENT DISCUSSION AND ANALYSIS (continued) RESULTS OF OPERATIONS 121 0 %341234 “Group revenue” comprises consolidated revenue from direct-operated stores’retail sales and wholesale to franchisees. “Group same-store sales” means retail revenue save for revenue derived from theretail sales of newly-opened and terminated stores and stores temporarily closedfor more than 10% of operating days of comparable periods for renovation or otherpurposes. These are at constant exchange rates. “Global brand sales/gross profit” comprises all Giordano retail sales/gross profitfrom direct-operated stores, franchised stores and stores operated by a jointventure. These are at constant exchange rates.“Inventory turnover on cost” is calculated by dividing inventories at period end by the cost of sales multiplied by the number of days in the period. 管 理 層 之 論 述 及 分 析（ 續 ）MANAGEMENT DISCUSSION AND ANALYSIS (continued) Revenue and gross profit Revenue for the first half of 2024 was flat on a constant-dollarbasis but, in HK$ terms, was down 3.4% compared to theprevious year. This is primarily due to the underperformance inGreater China, which recorded a decline of 8.3%. Within thisregion, Mainland China, Hong Kong and Taiwan reported a dropof 9.9%, 6.3% and 8.8%, respectively. 2 0 2 43 . 4 %8 . 3 %9 . 9 %6 . 3 %8 . 8 % 1 . 1 %2 . 6 %