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BOSIDENG (03998.HK) to continue to shrink menswear business scale
Dec 3, 2012
BOSIDENG (03998.HK)'s net profit for the first half of financial year ended September dropped 3.4% to RMB316 million due to the substantial increase in income tax expense and lukewarm consumption sentiment in China.
Revenue from the company's menswear segment also plunged 13.8% to RMB146 million in the first half of the year with 112 underperforming outlets closed down.
Local media cited Chief Financial Office and Company Secretary Mak Yun Kuen saying that the company will restructure the menswear business and tend to be conservative in shop opening.
The company will continue to reduce the number of branches and cut menswear inventories by relaxing the threshold for distributors.
Source: AAStocks Financial News