JOYCE BOUTIQUE HOLDINGS DOUBLES NET, INCREASES SALES
NEW YORK — Joyce Boutique Holdings Ltd. reported earnings doubled and sales increased 29.5 percent in the year ended March 31.
The Hong-Kong based retailer and wholesaler earned $8.9 million (HK$68.2 million) at current exchange rates on sales of $93.5 million (HK$719.2 million).
Roberto Dominici, managing director, said the strong results for the year were in line with performance over the past 18 months.
Dominici attributed the earnings jump in the latest year to improved gross margins, a continued stabilization of costs and an increased demand for Joyce products. Margins were helped by efficient buying, minimal inflation on imports, and favorable currency exchange rates, he added.
Joyce currently operates 30 stores in Hong Kong, Thailand, Taiwan and China. Among these are included World of Joyce multiline specialty stores and individual designer boutiques. In November 1993, Joyce opened a DKNY outlet in Shenzhen, which it said was the first China boutique for an American designer.
Joyce opened the first Emporio Armani boutique in Thailand in March, and three weeks ago reopened its Emporio Armani shop in Kowloon after a renovation and expansion.
Dominici said Joyce will open a fourth DKNY boutique and a new Jil Sander boutique in Hong Kong this fiscal year. Dominici also said JIPI, a joint venture with Prada, performed well and a new Prada boutique is slated for this year.
During the past year, Joyce added intimate apparel and bedding products and plans to develop these. Last month, it introduced Bobbi Brown Essentials, a line of cosmetics and makeup accessories, at the World of Joyce Boutique.
The regional wholesale distribution subsidiary, FIDAT, doubled its revenues. FIDAT has also secured several new fashion and accessory lines, including among them Emporio Armani, Dominici commented. Looking ahead, Dominici noted that prospects are solid and sales reports for the first quarter of the 1994-95 fiscal year are encouraging.
— Fairchild News Service