I.T2016 Net Profit Slump In Fiscal Year

The retrogression of retail industry is really beyond words. The record set by one enterprise is enough to be amazing for a long time.

As one of the oldest clothing retail businesses in Hongkong, I.T recently released the 2016 financial year's annual earnings report, so you can't help but feel your glasses and see where it has gone.

It is reported that in the 2016 fiscal year ended February 29, 2016, the I.T group's annual gross revenue dropped to 3.3% HK $3 billion 460 million, and net profit plunged by 33% to HK $210 million per fixed exchange rate.

It also declined by 1.6 percentage points to 60.6%, and the operating profit for the whole year dropped to 14.7% from HK $421 million.

Although the total revenue of the group grew by 5% to HK $7 billion 541 million 100 thousand during the period, it was mainly due to Hongkong.

There is still no downward trend. The same store sales decline and operating profits have repeatedly reversed, allowing I.T group to record a HK $72 million 700 thousand operating loss for the first time in the Hongkong market. This is also the first time that Hongkong business has recorded a loss in the 11 years since its listing in 2005.

I.T's stock price fell 0.54% to HK $1.85 as a result of the news.

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I.T's recent moves and its earnings have led to a sharp fall in share prices. Even if they lose their way, even if they confirm that they have entered the Disney resort town in Shanghai, they will be able to jump further by using the springboard.

Therefore, looking for retail veterans should be a very good choice.

I.T will appoint Chen Huijun as executive director of I.T as well as CEO of I.T China.

In order to show the importance, Chen Huijun will co operate with the group of Lafayette department to set up a director of Affiliated Companies.

It is reported that the appointment will take effect in April 1st, with a preliminary term of 3 years, and Chen Huijun will receive a dividend of 4 million 300 thousand Hong Kong dollars.

The appointment made a stir.

Due to the sluggish retail sales in Hongkong and its continued decline in the mainland market, the total sales volume in mainland China recorded a 2.2% decline in the three quarter ended November 30, 2015, leading to three of the main operating markets. In order to increase the influence of the huge potential consumers in the Chinese market, the group can only hope for the rescue of the veteran salesman.