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Strengthens Cash Management
Continues Digitalization and Strategic Upgrade
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HONG KONG, Aug 31, 2020 - (ACN Newswire) - Kidsland International Holdings Limited ("Kidsland" or the "Group"; stock code: 2122), the largest toy retailer and distributor in China, has taken immediate and emphatic measures in the first half of 2020 to strengthen its cash management so as to strengthen its solid foundation against a multitude of macro-economic headwinds, while continuing the path of digitalization and strategic upgrade.
 | | Kidsland stays focused on executing its turnaround plan and many workstreams under the digitalization and customer-centric strategic blueprint, including launching LEGO Certified Online Store in Hong Kong, as well as the first flagship Kidsland store under the new image and brand platform in Beijing |
Despite tough operating conditions, the Group stays focused on executing its many workstreams under the digitalization and customer-centric strategic blueprint. Kidsland has achieved another important milestone of its efforts in online and offline integration of the customer journey in spite of the current challenging business environment. The Group launched LEGO Certified Online Store (https://LEGO.kidslandgroup.com) in Hong Kong on 3 August 2020, offering the most diversified and comprehensive LEGO product range in Asia Pacific, which recorded strong sales on the first day of operation, with turnover exceeded HK$4 million in just one day. Also, it opened its fifth LEGO Certified Store in Hong Kong on 29 April 2020 which witnessed satisfactory results. Furthermore, the Group's first flagship Kidsland store under the new image and brand platform was launched in Beijing on 28 August 2020.
In the first half of 2020, the Group's revenue from Hong Kong business continued to stay resilient at approximately RMB66.3 million (1H 2019: RMB65.5 million). With intensified expense and product procurement management, the Group managed to increase its cash position from RMB36.2 million as of 31 December 2019 to RMB117.8 million as of 30 June 2020 and reduced its inventory from RMB576.4 million to RMB473.9 million. Selling, distribution, general and administration expenses also decreased by 7.4% to approximately RMB340.9 million. Excluding the non-cash impairment provision of property, plant and equipment, and right-of-use assets, selling, distribution, general and administration expenses would have decreased by 12.9%.
The Group also continuously optimised its retail network in Mainland China and renegotiated and exited loss-making retail locations. As at 30 June 2020, the number of self-operated retail points of sale consisting of retail shops and consignment counters was 717, down from 750 a year ago.
Mr. Lee Ching Yiu, Chairman and CEO of Kidsland, said, "Despite the uncertainty retail environment under COVID-19 pandemic and geopolitical uncertainty, the Group has stayed resilient and strengthened our cash position in the first half of this year, while optimizing our retail network to enhance overall efficiency. Moreover, the Group has continued our journey of digitalization and forming an O2O omnichannel that offers more comprehensive shopping experiences to customers. We will continue to improve our competitiveness to capture any opportunities from future market rebound and the ongoing consumption upgrade and sophistication."
About Kidsland International Holdings Limited (stock code: 2122)
Kidsland International Holdings Limited ("Kidsland" or "the Group") is engaged in the retail, wholesale, e-commerce and brand operation of toys and infant products in China. As the largest toy retailer and distributor in China, Kidsland has close to 20 years of industry experience and carry a portfolio of world-renowned, category-leading brands. The Group owns the most comprehensive online and offline sales network in China. Currently, its self-operated offline retail system includes Kidsland stores, LEGO Certified Stores, and the FAO Schwarz flagship store.
Media Enquiry:
Strategic Financial Relations Limited
Vicky Lee Tel: (852) 2864 4834 Email: vicky.lee@sprg.com.hk
Antonio Yu Tel: (852) 2114 4319 Email: antonio.yu@sprg.com.hk
Cara Lau Tel: (852) 2864 4890 Email: cara.lau@sprg.com.hk
Fax: (852) 2527 1196
Topic: Press release summary
Source: Kidsland International Holdings Limited
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
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