NEW YORK — Despite a difficult first half, Hong Kong–based Dickson Concepts International last week posted yearend results that were boosted by investments and strict cost controls in the latter part of the year.
This story first appeared in the July 15, 2002 issue of WWD. Subscribe Today.
For the year ended March 31, income was down 26.6 percent to $5.3 million from $7.2 million in the year-ago period. The decrease was attributable to the first-half decline, which was affected by the Sept. 11 terrorist attacks in the U.S., the resulting deterioration in retail sentiment in Asia and the sharp decline in international tourism. Profits in the second half increased by 35.9 percent, aided in part by stricter controls on expenses. Sales for the year rose 5.2 percent to $301.1 million from $286.3 million. Dollar amounts have been converted from the Hong Kong dollar.
During the year, the company opened a total of 119 shops and corners throughout Asia, bringing its total retail base to 330 shops and corners. The firm, which also operates an extensive wholesale distribution network, said it will open at least 50 new shops and corners during the current fiscal year that will end in March 2003. The first Brooks Bros. shop in Singapore already has opened at Raffles City, and a Ralph Lauren children’s wear shop will be opened at the Forum. The Malaysian market will include the introduction of a Polo Jeans Co. shop and Kenneth Cole corner at the Kuala Lumpur City Center. A Ralph Lauren children’s wear corner will be opened in the Phillipines at Rustan’s department store in Manila.
In Hong Kong, the company is planning a stronger focus on the younger consumer with the introduction of casual fashions and cosmetics at its Pacific Palace Seibu and the introduction of health foods and lingerie at Windsor House Seibu. The company also has operations in Taiwan and China.