Gaoxin Retail (06808) expects profit after tax to improve substantially in the medium term

According to the Zhitong Finance App, Gaoxin Retail (06808) announced that profit after tax for the first 6 months ending September 30, 2024 will improve significantly and change from loss to profit over the same period of the previous fiscal year. The profit after tax obtained in the first 6 months ended September 30, 2024 was approximately RMB 150 million to RMB 200 million (unaudited) in accordance with Hong Kong Financial Reporting Standards. The Group achieved after-tax losses of RMB 378 million in the first six months ending September 30, 2023. It is expected that the improvement in profit after tax will mainly benefit from stabilizing the number of visitors to the same store, achieving positive growth in same-store sales; and rapid progress in cost reduction and efficiency, with remarkable results.

The Group will continue to build a core advantage in price competitiveness, strengthen fortress products, reshape the price image, quickly promote the “Thumbs Up and Save” series of smart products, optimize the selection of products in different price ranges, and satisfy customers.