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Public company info - Joyce Boutique Holdings Ltd. , 00647.HK
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Joyce Boutique Holdings Ltd., 00647.HK - Company Profile
Chairman Stephen T. H. Ng
Share Issued (share) 1,624,000,000
Par Currency Hong Kong Dollar
Par Value 0.0
Industry Apparel
Corporate Profile Business Summary: The Group is principally engaged in sales of designer fashion garments, cosmetics and accessories. Performance for the year: The Group recorded a net loss attributable to owners of the Company of HK$22.3 million for the year ended 31 March 2019, compared with a net loss of HK$54.7 million for the previous year. Loss per share was 1.4 HK cents (2017/18: 3.4 HK cents). Group revenue declined by 2.1% to HK$842.4 million (2017/18: HK$860.7 million). However, gross margin improved by 1.7 percentage points. Business Review: At the financial year-end, the Group operated a total of 34 shops (2018: 39). This portfolio comprised 21 shops in Hong Kong (including 3 multi-label JOYCE stores, one JOYCE concession corner in Lane Crawford at IFC, 6 mono-brand shops, 10 JOYCE Beauty shops and one JOYCE Warehouse outlet), and 6 shops in Mainland China (including 2 multi-label JOYCE stores, one mono-brand shop, 2 JOYCE Beauty shops and one JOYCE Warehouse outlet). In addition, the Group operated 7 Marni shops in Hong Kong under its 49%-held equity investment partnered with Marni Group S.r.l. During the year under review, the Group focused on driving sales through enhanced product offerings and customer experience and managed to achieve an increase in comparable store sales. The decline in overall sales was partly due to the closure of shops. During the year, the Group closed 4 non-performing shops in Hong Kong and the Marni boutique in Taiwan, resulting in improved store productivity. Taking advantage of improved aged-stock liquidation in China, the Group closed one of its two JOYCE Warehouse outlets in China in order to further enhance operating cost efficiency. The 49%-held equity investment partnered with Marni Group S.r.l. closed its remaining shop in Taiwan in August 2018 and going forward will dedicate its resources to the Hong Kong market. Prospects: The Group expects the near-term operating environment will be increasingly challenging in view of US-China economic and political tensions, slowing economic growth around the world and the weakening of renminbi. These factors can be expected to continue to dampen consumer sentiment and spending in the luxury retail sectors in Hong Kong and China. Moreover, competition from lower-priced online sellers, the relatively high rental levels for prime location stores and the risk of non-renewal of store leases on sustainable terms will increase pressure on the Group’s operations and profitability. Going forward, the Group will focus on driving comparable-store sales, improving customer engagement and customer experience, securing key vendor relationships and building the pipeline for brand development and innovation in all merchandise categories. In view of the unstable retail environment in the coming year, the Group will maintain its prudent approach to stock purchasing and business expansion.

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