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Flyke International Holdings Ltd Comments On FY 2012 Profit Guidance


Friday, 8 Feb 2013 04:59am EST 

Flyke International Holdings Ltd announced that for fiscal 2012, the unaudited consolidated net profit is expected to have decreased as compared to fiscal 2011. The decrease in profitability is attributed to the following factors; Competition within the sportswear markets has continued to intensify as international and domestic brands that have traditionally operated in first and second tier cities are gaining market share in third and fourth tier cities. Several of competitors have conducted buyback arrangements with distributors as well as deep discounts in order to normalize inventories. This has added pricing pressure across the industry. The Company to-date has not had to engage in any buyback arrangements or heavy discounting; Throughout 2012, the Company has strategically consolidated the number of authorized retail stores in third and fourth tier cities as well as controlling the sales order volume to distributors in order to prevent the potential of overstocking of sportswear brand by authorized distributors. The Group has reduced the number of authorized retail stores from 2,160 in December 2011 to 1,574 in December 2012. Will continue to consolidate the less efficient sportswear authorized retail stores throughout fiscal 2013 if needed in order to improve the future growth of the brand and single store revenue. In fourth quarter of 2012 it launched a new casualwear brand which has been positioned in first and second-tier cities of Mainland China. 

Company Quote

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28 Mar 2014