Financial News
Written by: Lin Leqian
2020-05-29 19:16
Date of last update: 2020-05-29 19:23Bauhaus International (0483, Bauhaus) announced that it is expected that by the end of March this year, the annual loss will be 140 million to 210 million yuan, a loss of 62.1 million yuan in the same period last year. The Group explained that the unsatisfactory performance was mainly due to social events, the new coronary pneumonia epidemic, and the end of the mainland business during the period and the reduction of Hong Kong and Taiwan business.
Bauhaus continued to point out that there is currently enough cash on hand to meet the current business needs, but the huge challenges ahead, the group adopted negotiations with the owners to reduce rents, reduce operating expenses and store renovation expenses, etc., the group's executive directors also agreed to cut from April to June 25% of salary and corresponding unpaid leave, except for promotion, all employees will freeze their salaries in the next year, and have applied for the government's "employment protection" subsidy.
The Group also launched more attractive discount promotions to promote sales, reduce inventory levels and retain cash.
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