Sales of The Basic House up 400 percent in Hong KongClothing retailer The Basic House said yesterday that its Hong Kong subsidiary posted a nearly fourfold increase in operating profit in the second quarter from a year earlier due to brisk sales in department stores.
The Basic House (TBH) Global logged 4 billion won ($3.5 million) in operating profit in the April-June period, up from 1.2 billion won a year earlier, the Korean fashion retailer said in a press release. Sales surged 45.8 percent on-year to 65.9 billion won in the period.
The positive results were attributed to stronger apparel sales at department stores in Hong Kong during the three-month period and reduced sales promotion expenses, The Basic House said.
The retailer holds a 95 percent stake in its Hong Kong subsidiary, which in turn owns a 100 percent stake in TBH Shanghai, the Chinese unit of the Korean fashion retailer. Annual sales of TBH Shanghai make up almost 50 percent of the total annual revenue of The Basic House.
The Basic House, founded in 2000, has nearly 1,000 stores in China. It owns six clothing brands - Basic House, Mind Bridge, Voll, The Class, D’urban and Speedo.