Forward Fashion (International) Holdings Company Limited provided consolidated earnings guidance for the six months ended 30 June 2022. For the period, the company expects net loss of not less than HKD 15 million for the six months ended 30 June 2022 as compared with the net profit of HKD 15.7 million for the six months ended 30 June 2021. The Board is of the view that the expected loss is mainly due to the ongoing novel coronavirus (COVID-19) pandemic (the "Pandemic") in Mainland China, Macau, Hong Kong and Taiwan ("Greater China") which has significantly affected the apparel retail market in Greater China.

In particular, lockdowns of the affected areas have disrupted store operations. Compared to the financial results of the Group for the six months ended 30 June 2021, the unaudited sales and gross profit of the Group for the six months ended 30 June 2022 have dropped by not less than 20% and 23% respectively. The Group has closely monitored the market conditions and adjusted its business strategies and operations (which include proactive cost control measures on merchandise costs, rental expenses and staff costs) to minimise the negative impact of the Pandemic and the lockdown.