Youpin 360's half-year net profit fell 6% to more than 13.45 million dividends and 1.5 sen. Some stores received rent concessions

Financial news

Written by: Xu Shihao

2019-11-27 23:05

Youpin 360 (2360) announced that as of the end of September, its interim net profit was 13.457 million yuan, a year-on-year decrease of 6%; earnings per share were approximately 1.3 HK cents; and an interim dividend of 1.5 HK cents per share was paid.

During the period, the company's revenue was approximately 609 million yuan, an increase of 14.7% year-on-year; gross profit also rose 16.8% to approximately 200 million yuan; gross profit margin was approximately 34.3%, an increase of approximately 0.6 percentage points year-on-year. Selling and distribution expenses also increased by approximately 25.1% to 168 million yuan.

Rental expenses rose by nearly 30%

In addition, as of the end of September, the company operated a total of 98 chain retail stores in Hong Kong, an increase of 21 from the same period last year, including the opening of 14 new retail stores and the closure of 5 retail stores; rental expenses also rose by 29.2% to nearly 77.18 million yuan.

In the anti-revision case, Lin Zifeng, chairman of Youpin 360, was accused of being related to the "Fujian Gang". Even though clarifications have been made many times, many stores have been damaged by the "decoration" of demonstrators in recent months. The situation does not seem to be fully reflected in the performance. The company stated that the increase in revenue was mainly attributable to the increase in the number of retail stores.

More than 360 stores of Youpin were damaged by the demonstrators. (Profile picture)

Rent reduction of up to 30%

In addition, due to the deterioration of the overall business environment in Hong Kong, the company has been granted short-term rental concessions from some retail store owners for a period of one month to six months, usually ranging from about 3% to about 30%.

Facing such a challenging economic environment, the company will carefully pay attention to the latest developments in the economic and business environment in the second half of the year, in order to be able to respond quickly to any negative impact on the company's business and minimize the impact. To cope with the current difficult times.

Mainland's first retail store to open next financial year

The company will strive to consolidate its core competitiveness in the Hong Kong market by optimizing its product structure to meet market needs and demands in an unstable economic environment. In addition, the company has planned to speed up the pace of foreign investment. Without unforeseen circumstances, it is expected that the company's first retail store in the Mainland will open in the next financial year.

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A total of 72 branches of Youpin 360 were damaged. The company issued a statement in response to 3 charges and disclosed CCTV.

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