Giordano closed 163 stores in Q1

Hong Kong casual apparel retailer, Giordano International Ltd, closed 163 stores on the Chinese mainland in the first quarter this year, the company said on Tuesday.

Sales revenue overall in the first quarter, which ended on March 31, reached HK$1.51 billion ($195 million), representing year-on-year growth of 6 percent.

But sales on the Chinese mainland of HK$473 million ($60 million), in the first quarter, represented a year-on-year decline of 5 percent. Gross margin in the Chinese mainland was 54.5 percent in the first three months, a year-on-year increase of 1.1 percentage points.

The Hong Kong listed company said in the earning report that it will upgrade its store image and develop specialized line for women.

Established in 1981, Giordano has more than 2,700 shops operating in more than 40 countries, regions and territories worldwide.