Moiselle International Holdings Limited reported a net loss attributable to shareholders of HK$45.56 million for the year ended 31 March 2026, a 19.4% improvement from the HK$56.55 million deficit a year earlier. The reduction stemmed largely from aggressive cost controls and stronger performance in its core Hong Kong market.
Revenue dipped 1.2% year on year to HK$101.48 million. Hong Kong sales rose 7.5% to HK$65.61 million, accounting for 65% of group turnover, helped by increased tourist arrivals and short-term promotional sales. Revenue outside Hong Kong declined 14.0% to HK$35.87 million, weighed down by an 11% fall in mainland China to HK$22.29 million and softer demand in Macau and Taiwan.
Gross profit decreased 4.9% to HK$78.28 million as the margin contracted to 77.1% (FY25: 80.1%) due to heavier discounting. Distribution and selling expenses fell 17.2% to HK$65.35 million and administrative costs dropped 11.7% to HK$48.15 million, trimming the operating loss to HK$30.06 million (FY25: HK$45.81 million).
Non-cash charges included a HK$12.90 million fair-value loss on investment properties, up from HK$8.35 million, while finance costs eased to HK$4.69 million from HK$5.70 million. Basic and diluted loss per share improved to HK$0.16 from HK$0.20.
The balance sheet showed net assets of HK$261.45 million (FY25: HK$317.47 million). Net current liabilities narrowed to HK$59.01 million, supported by operating cash inflow of HK$9.95 million. Cash on hand stood at HK$7.40 million, with HK$65.18 million of bank borrowings and HK$22.28 million recognised for a three-year, HK$25 million convertible bond issued to related party New First Investments in December 2025. The bond carries a 2.5% coupon and an effective interest rate of 7.31%. The group’s gearing ratio rose to 42.2% from 31.1%.
Store rationalisation continued: Hong Kong closed one LANCASTER and one m.d.m.s. outlet while opening an additional MOISELLE store, ending the year with 12 locations. Mainland China pared its network to eight MOISELLE stores (FY25: 11). Macau operated two stores (FY25: three) and Taiwan two stores (FY25: three). Group headcount fell to 216 from 271.
Management highlighted ongoing cost discipline, selective store presence, and accelerated e-commerce initiatives—particularly livestreaming in mainland China, where online revenue constitutes roughly 25% of regional sales—as strategic priorities. Despite macroeconomic uncertainties, the board expressed cautious optimism for Hong Kong retail trends, supported by government efforts to boost tourism and consumption. No dividend was declared for FY26.