Financial Performance - The earnings per share for the period is HKD 0.001[1] - Revenue for the six months ended December 31, 2023, is HKD 694.9 million, a decrease from HKD 709.4 million in the same period last year, representing a decline of approximately 2.5%[3][7] - Operating profit for the period is HKD 121.3 million, compared to an operating loss of HKD 46.2 million in the previous year[3][7] - Net profit for the period is HKD 1.7 million, a significant recovery from a loss of HKD 166.1 million in the same period last year[3][7] - Total comprehensive income for the period is HKD 68.1 million, compared to a loss of HKD 344.1 million in the previous year[12] - The company reported other income of HKD 187.3 million, an increase from HKD 150.2 million in the previous year[3] - For the six months ended December 31, 2023, the company reported total revenue of HKD 588,152,000, a decrease from HKD 607,800,000 for the same period in 2022, representing a decline of approximately 3.4%[25] - The operating profit for the period was HKD 121,292,000, compared to an operating loss of HKD 19,578,000 in the previous year, indicating a significant turnaround[25] - The net profit for the period was HKD 1,657,000, a recovery from a net loss of HKD 19,578,000 in the same period last year[25] Assets and Liabilities - Total assets as of December 31, 2023, amounted to HKD 10,929,458,000, an increase from HKD 10,791,316,000 as of June 30, 2023[36] - The company’s total liabilities were reported at HKD 7,486,378,000, compared to HKD 7,416,300,000 as of June 30, 2023, reflecting a slight increase[36] - The company has secured committed bank loan facilities of approximately HKD 351,648,000 for operational funding purposes, with unused amounts of about HKD 285,505,000 as of December 31, 2023[40] - The group’s net debt as of December 31, 2023, was HKD 636.5 million, up from HKD 581.0 million as of June 30, 2023[113] - As of December 31, 2023, the group's borrowings amounted to HKD 1,479.0 million, up from HKD 1,412.5 million as of June 30, 2023[138] Operational Highlights - Same-store sales growth for the period is 3.3%, compared to a decline of 29.0% in the previous year[7] - The company operated 22 department stores and shopping centers in mainland China, covering 12 major locations, with a total floor area of approximately 922,900 square meters[86] - The company reduced its store count by one during the review period due to lease expiration, specifically closing the Wuhan Wuchang store[86] - The company introduced new upgraded member benefits to enhance consumer shopping experiences and increase member loyalty[88] - The company focused on introducing new brands and flagship stores, with over 40 new stores opened in emerging business districts during the review period[87] - The company emphasized the importance of beauty and women's fashion brands in its recruitment efforts, enhancing its commercial operational efficiency[89] - The group is actively expanding its membership services, including creating a reading space for members at the Shanghai Pujian store[122] - The group has launched a children's membership program to attract family customers and increase in-store spending[122] Cost Management - Total operating expenses for the six months ended December 31, 2023, were HKD 209,777,000, a decrease from HKD 343,349,000 in the same period of 2022[68] - Employee benefit expenses increased to HKD 106,426,000, reflecting a rise in operational costs[44] - Employee benefit expenses decreased to HKD 160.5 million from HKD 183.9 million in the previous year, attributed to cost control measures[108] - Rental expenses increased from HKD 34.0 million in the first half of fiscal year 2023 to HKD 37.5 million in the first half of fiscal year 2024, mainly due to increased turnover rent in several department stores[133] - Other operating expenses decreased from HKD 343.3 million in the first half of fiscal year 2023 to HKD 209.8 million in the first half of fiscal year 2024, primarily due to a recorded foreign exchange gain of HKD 25.7 million[150] Marketing and Sales - Rental income accounted for 42.2% of total revenue, while sales commission income contributed 32.9% and self-operated merchandise sales made up 23.7%[86] - The number of members reached nearly 1.3 million, with member sales accounting for 60% of total sales by the end of December 2023[95] - The new flash purchase sales increased by 38% year-on-year during the reporting period[93] - The group aims to enhance its multi-channel marketing strategy, focusing on offline interactive experiences and online platforms[92] - The group introduced popular brands such as "霸王茶姬" and "茶顏悅色" in various stores to enhance customer experience and attract more foot traffic[117] - The group is focusing on digital operations and online marketing strategies to enhance customer engagement and sales conversion[127] Government Support and Other Income - The company received government subsidies totaling HKD 7,431,000 during the period, down from HKD 11,951,000 in the previous year[27] - Other income for the first half of the fiscal year 2024 was HKD 187.3 million, up from HKD 150.2 million in the first half of fiscal year 2023, primarily due to the write-off of long-aged payables and an increase in government subsidies[131]
新世界百货中国(00825) - 2024 - 中期业绩