GSP Jumped 25.1% - Driven by Strong Concessionaire Sales
GP Surged 25.9% to RMB671 million
HONG KONG, April 19 /Xinhua-PRNewswire/ --
For the year ended 31 December
2006 2005 Change
RMB$'000 RMB$'000 %
Gross Sales Proceeds ("GSP") 3,576,992 2,858,699 25.1%
Turnover 899,781 739,770 21.6%
Gross profit 670,675 532,726 25.9%
Gross profit margin (%) 74.5% 72.0% 2.5% pts
Profit attributable to
equity holders
(excluding the impact of
IPO and CB) 262,290 225,954 16.1%
Basic EPS (RMB cents) 12.97 13.39 -3.1%
Final Dividend per Share
(RMB cents) 2.5 Nil N/A
Golden Eagle Retail Group Limited (HKEx: 3308), a premium department store chain in the PRC, announced its annual results for the year ended December 31 2006.
The Group achieved impressive 25.0% growth in GSP at RMB 3577.0 million, mainly attributable to 22.5% same store growth and 5.7% increase in daily unit area sales.
Turnover from Continuing Business increased by 21.6% to RMB899.8 million, in line with GSP growth. Concessionaire sales accounted for 90.2% of total GSP versus 9.4% from direct sales. Average commission rate stood at 18.7%.
As at 31 December 2006, the Group's VIP programme had approximately 388,000 members, whose spending accounted for 60.4% of the total sales proceeds. Total number of stores increased from 6 to 8 during the year and the total GFA increased from 159,000 m2 to 227,000 m2.
Mr. Roger Wang, Chairman of the Group, said, "The Group made numerous acquisitions during the year, including a commercial property of 48,000 m2 for RMB134.4 million in the hub of Huai'an, scheduled to commence operation in 2008,"
Mr. Wang elaborated, "The Group has also acquired a piece of land in Yancheng on a 11,200 sq.m. lot with a consideration of RMB84.6 million. We will develop a high-class department store with a GFA of 50,000 m2 which is scheduled to open in 2008. In Kunming, the Group will operate a commercial premise with 35,000 m2 in GFA, scheduled to open in mid 2007."
Mr. Wang concluded, "The Group will continue to adopt a proactive approach and consider options including mergers and acquisitions with other industry players, as well as achieving organic growth via building and leasing properties in target cities to set up new stores."
Media contact:
iPR Ogilvy Ltd.
Callis Lau
Tel: +852-2136-6185
Email: callis.lau@iprogilvy.com
