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Shirble Department Store Holdings (China) Ltd Comments On H1 2013 Profit Guidance


Wednesday, 31 Jul 2013 06:19am EDT 

Shirble Department Store Holdings (China) Ltd announced that the Group may record increase in net loss for the first half of 2013 due to the loss incurred by the Group’s five department stores newly opened in the last quarter of 2012 and the first quarter of 2013 as these stores are at their respective start-up stage during which the revenue generated by them is not sufficient to recoup the initial expenses, depreciation, and the premises rental for these department stores; the potential impairment loss and related expenses arising from the reduction in store area in selected department store(s) in Dongguan, Guangdong Province, as part of the latest re-assessment by the Group of the market potential in the area; slight decreases in direct sales and commission income received from concessionaire sales generated from the existing department stores of the Group; and continuous increases in the operating lease rental expenses, administrative expenses, staff cost and other operating cost of the Group as a result of the new recruits and the expansion of the department store network of the Group. 

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