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Shirble Department Store Holdings (China) Ltd Comments On H1 2012 Profit Guidance

Thursday, 17 Jan 2013 09:00am EST 

Shirble Department Store Holdings (China) Ltd announced a substantial decrease in the net profit for the first half of 2012 as compared to the first half of 2011. The decrease was principally attributable to a number of non-recurring or economic factors, including (a) the increases in the administrative expenses and operating costs (mainly rental expenses and personnel costs) incurred for the 10 department stores opened in 2010, 2011 and 2012 were more than the increases in the sales generated during the period; (b) the decrease in the sales generated from the existing department stores amid the economic slowdown; (c) the decrease in the commission income from the concessionaire sales as a result of increasing competition in the retail businesses in Shenzhen; (d) the decrease in the advertising and promotion income as a result of stringent governmental policy effective from December 2011; (e) the lack of recognition of the deferred income in respect of the long-aged pre-paid gift cards issued by the Group and (f) the one-off impairment loss in respect of a property acquired by the Group. 

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