View in Other Languages 堡狮龙(HKG:0592)公布2008/09年度业绩纯利为港币5千万元 堡獅龍(HKG:0592)公佈2008/09年度業績純利為港幣5千萬元 Bossini International Holdings Limited (HKG:0592) 2008/09 Annual Results Net Profit Amounted To HK$50 Million 
Bossini International Holdings Limited (HKG:0592) 2008/09 Annual Results Net Profit Amounted To HK$50 Million
Bossini International Holdings Limited (HKG:0592) 2008/09 Annual Results Net Profit Amounted To HK$50 Million

Hong Kong, Oct 23, 2009 AEST (ABN Newswire) - Bossini International Holdings Limited (HKG:0592) announced today its annual results for the year ended 30 June 2009.

Despite the unprecedented global financial tsunami, the Group remained profitable with a healthy balance sheet and a positive financial position. Revenue for the year under review just declined slightly by 3% to HK$2,254 million (2008: HK$2,317 million). Gross profit was HK$1,113 million (2008: HK$1,170 million), representing a gross margin of 49%, down slightly from 50% in the previous year. Profit attributable to equity holders declined 21% to approximately HK$50 million (2008: HK$64 million). Basic earnings per share were HK3.16 cents (2008: HK4.01 cents). The Board of Directors proposed payment of final dividend of HK1.0 cent per share. Together with the interim dividend of HK1.0 cent per share, the total dividend for the year amounted to HK2.0 cents per share. Net cash on hand was HK$265 million at 30 June 2009 (2008: HK$310 million).

*Time deposits, cash and bank balances less bank loans

Ms. Kathy Chan, Deputy Chairman and Chief Executive Officer of Bossini, said, "We acted promptly to minimise the adverse impact of the financial tsunami to our business development. We took a proactive approach to expand our export franchise business, strengthen our presence in the Mainland China and manage our costs effectively. While the financial tsunami over the past year caught many businesses off guard, Bossini's business remained intact and stayed profitable."

On the operational level, the Group's overall same-store sales recorded a 3% decline (2008: 5% growth) due to the severity of the global financial crisis that hit in September 2008. The Mainland China market witnessed modest growth, posting a 5% same-store sales growth (2008: remained flat), while Hong Kong, Taiwan and Singapore markets recorded same-store sales declines of 2%, 12% and 8% (2008: 6%, 5% and 4% growth) respectively.

The Group is committed to maintaining a strong retail network, of which the stores could be found in 33 countries and regions across the globe. As of 30 June 2009, Bossini had 538 (2008: 477) directly managed stores and 640 (2008: 579) franchised stores globally. Out of the 1,178 (2008: 1,056) stores in total, 578 (2008: 492) stores were located in Mainland China. The Group has stepped up its presence in the Mainland China by increasing overall retail floor area to 373,500 sq. ft. (2008: 293,600 sq. ft.), an increase of 27% compared with last year. This strategy led to a 5% growth in sales to HK$468 million (2008: HK$447 million).

Mainland China continues to show strong market growth potential and the Group expects to see continual improvements with a plan to introduce 100 additional directly managed stores and 150 franchised stores to Mainland China, bringing the total number of stores in this region over 820. While Mainland China may emerge as the key growth driver, the Group will expand pragmatically and steadily in other markets as well. We plan to add 24 stores in other regions. A total of 274 new stores will be added to the Group during the coming fiscal year.

"Looking into the future, the global economic outlook remains uncertain. However, the management has mapped out strategies to achieve continuous growth by focusing on enhancing brand image of "bossini" to foster its competitiveness, expanding our presence in the fast growing Mainland China market, expanding our export franchise business continuously and optimising internal operations to elevate cost effectiveness. More "bossinistyle" and "Yb" standalone shops will be added to our distribution network as part of our strategic moves to prepare for the Group's long term development in the future." Ms. Chan said.

Ms. Chan concluded, "After years of considerable efforts on establishing a strong business foundation, we are confident that the Group would achieve sustainable growth for the years to come. We remain cautiously optimistic towards the business environment in the near future and Bossini will continue to reinforce its leadership in the industry in the long run."
Results Highlights-----------------------------------------------------For the year ended 30 June      2009        2008Revenue                     HK$2,254 mn   HK$2,317 mnGross profit                HK$1,113 mn   HK$1,170 mnGross profit margin                 49%           50%Profit attributable toequity holders                 HK$50 mn      HK$64 mnBasic EPS attributable toordinary equity holders    HK3.16 cents  HK4.01 centsDividend per share- interim                    HK1.0 cent         -- final                      HK1.0 cent    HK1.0 centHK1.0 cent-----------------------------------------------------                  At 30       At 30       At 30                Sept 2009   June 2009   June 2008Cash andbank balances   HK$403 mn   HK$342 mn   HK$310 mnNet cash*       HK$318 mn   HK$265 mn   HK$310 mn-----------------------------------------------------Appendix - Store composition by type andgeographical location is detailed as below:------------------------------------------------------------                   At 30 June 2009         At 30 June 2008------------------------------------------------------------                Directly   Franchised   Directly  Franchised                 managed      stores     managed     stores                stores                  stores------------------------------------------------------------Hong Kong           41          --          41         --Mainland China     362         216         304        188Taiwan              84          --          89         --Singapore           31          --          29         --Malaysia            20          --          14         --Other countriesand regions         --         424          --        391Total              538         640         477        579------------------------------------------------------------

Contact

For further information, please contact:
Porda International (Finance) PR Group
Harriet Lau
Tel: (852) 3150 6761
Fax: (852) 3150 6728
Email: harriet.lau@pordafinance.com.hk

Sharis Siu
Tel: (852) 3150 6771
Fax: (852) 3150 6728
sharis.siu@pordafinance.com.hk

Kelly Fung
Tel: (852) 3150 6763
Fax: (852) 3150 6728
kelly.fung@pordafinance.com.hk


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