Apparel chain Giordano set for best day in 8 months on earnings forecast

Giordano International

19/01/2022 03:04

** Apparel retailer Giordano International Ltd's  0709.HK 
shares surge 9% to HK$1.80, biggest daily pct gain since May 7
    ** Stock hits highest since Nov. 25
    ** Company expects to post a net profit of not less than
HK$175 mln ($22.46 mln) for 2021 vs HK$112 mln loss in 2020,
helped by keeping a lid on costs and closing loss-making shops
 urn:newsml:reuters.com:*:nFWN2TX0GF
    ** Giordano, which has a market capitalisation of HK$2.45
bln ($314.1 mln), says successful negotiations with landlords
for normalised rents and steady recovery in Q4 sales, on the
back of lesser travel restrictions and lockdown measures amid
the pandemic, also helped earnings
    ** The Hang Seng Commerce & Industry index  .HSNC  gains
0.4%, while Hang Seng consumer goods and services index
 .HSCGSI  eases 0.2%
    ** The Hang Seng China Enterprises index  .HSCE  climbs 0.6%
and the benchmark Hang Seng index  .HSI  gains 0.4%

 ($1 = 7.7903 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))