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2012-4-26
Shenzhen-listed Zhejiang Semir Garment, led by billioniaire Qiu Guanghe, said net profit in the three months to January fell by 39% from a year earlier to $25 million.
Revenue at the mid- to low-tier apparel and fashion outfit declined by by 16% to 1.3 billion yuan, or $209 million. Semir said unseasonally cold wealth hurt sales and led to price-cutting. The company said it expects overall net profit in the first half will be less than 30% from last year’s $69 million on the strengthening of its sales network.
Investors bid the shares down by 6%, and the stock closed at 32.9 yuan, their worst showing since the company’s IPO.
Semir Chairman Qiu Guanghe, together with his family, ranked No. 344 on the 2012 Forbes Billionaires List with wealth of $3.3 billion.
A slew of global retailers have been taking aim at Chinese retail customers, including the Gap and Wal-Mart.
Last week footwear retailer Pou Sheng said it expected to report a six-month loss.
Source:Forbes
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