Giordano International Limited
	Operation Highlights
	Year-on-year changes for the three months ended March 31, 2005 (Note 1) except otherwise noted
	Group Turnover			Retail & Distribution			Manufacturing (Note 2)			Group (Note 2)
				3 Months Ended Mar 31, 2005	12 Months Ended Dec 31, 2004		3 Months Ended Mar 31, 2005	12 Months Ended Dec 31, 2004		3 Months Ended Mar 31, 2005	12 Months Ended Dec 31, 2004
				13%	16%		50%	57%		15%	18%
	Retail & Distribution			Year-to-date Turnover			Comparable Store Year-to-date Turnover (Note 3)			Number of Outlets
				3 Months Ended Mar 31, 2005	12 Months Ended Dec 31, 2004		3 Months Ended Mar 31, 2005	12 Months Ended Dec 31, 2004		As at Mar 31, 2005	As at Dec 31, 2004
	By Major Markets
	Mainland China			13%	17%		1%	7%		674	671
	Hong Kong			10%	16%		5%	11%		93	92
	Taiwan			24%	17%		2%	1%		236	236
	Singapore			6%	12%		3%	13%		45	47
	By Brands
	Giordano and Giordano Junior			13%	16%		2%	6%		1,448	1,440
	Giordano Ladies			13%	30%		-4%	26%		26	24
	Blue Star Exchange			18%	33%		-1%	9%		123	121
	Retail & Distribution Total			13%	16%		1%	7%		1,597	1,585
	Notes:
	(1)	All YTD March 2005 figures are unaudited.
	(2)	On consolidated basis and net of intra-group elimination.
	(3)	Inclusive of outlets operating for the full 3 and 12 months in the periods under comparison.
	(4)	Group gross margin for YTD March 2005 was 49.9% (YTD March 2004:  48.6%).
	(5)	Group inventory turnover days on sales for YTD March 2005 was 28 days (YTD March 2004:  20 days).
	(6)	On March 31, 2005, the Group had approximately HK$ 783 million in net cash and bank balances.
	(7)	In Korea, sales increased by 16% YOY in the 3 months ended March 31, 2005.
	(8)	YTD December 2004 figures have been extracted from the 2004 annual report of Giordano International Limited.
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