Forward Fashion (International) Holdings Co (HKSE:02528) Operating Income : HK$-3 Mil (TTM As of Dec. 2023)

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What is Forward Fashion (International) Holdings Co Operating Income?

Forward Fashion (International) Holdings Co's Operating Income for the six months ended in Dec. 2023 was HK$-2 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was HK$-3 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Forward Fashion (International) Holdings Co's Operating Income for the six months ended in Dec. 2023 was HK$-2 Mil. Forward Fashion (International) Holdings Co's Revenue for the six months ended in Dec. 2023 was HK$502 Mil. Therefore, Forward Fashion (International) Holdings Co's Operating Margin % for the quarter that ended in Dec. 2023 was -0.40%.

Forward Fashion (International) Holdings Co's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Forward Fashion (International) Holdings Co's annualized ROC % for the quarter that ended in Dec. 2023 was -0.75%. Forward Fashion (International) Holdings Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was -1.58%.

Forward Fashion (International) Holdings Co Operating Income Historical Data

The historical data trend for Forward Fashion (International) Holdings Co's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Forward Fashion (International) Holdings Co Operating Income Chart

Forward Fashion (International) Holdings Co Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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71.55

-107.88

49.78

-11.73

-3.23

Forward Fashion (International) Holdings Co Semi-Annual Data
	Dec16	Dec17	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Operating Income	Get a 7-Day Free Trial								22.02	-4.13	-7.60	-1.23	-1.99

Forward Fashion (International) Holdings Co Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was HK$-3 Mil.

Forward Fashion (International) Holdings Co (HKSE:02528) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Forward Fashion (International) Holdings Co's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	-3.988 * ( 1 - -1.8% )	/	( (545.764	+	539.114)	/ 2 )
=	-4.059784	/	542.439
=	-0.75 %

where

	Invested Capital		(Q: Jun. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	888.259	-	348.892	-	( 126.142	-	max(0, 496.196	-	489.799	+	126.142	))
=	545.764

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	912.168	-	367.104	-	( 119.601	-	max(0, 535.574	-	541.524	+	119.601	))
=	539.114

Note: The Operating Income data used here is two times the semi-annual (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Forward Fashion (International) Holdings Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-5.062	/	( ( (304.365 + max(-28.325, 0))	+	(315.855 + max(20.79, 0)) )	/	2 )
=	-5.062	/	( ( 304.365	+	336.645 )	/	2 )
=	-5.062	/	320.505
=	-1.58 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(29.106	+	255.787	+	62.045)	-	(348.892	+	0	+	26.371)
=	-28.325

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(47.953	+	308.219	+	53.804)	-	(367.104	+	0	+	22.082)
=	20.79

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Forward Fashion (International) Holdings Co's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	-1.994	/	502.376
	=	-0.40 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Forward Fashion (International) Holdings Co Operating Income Related Terms

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Forward Fashion (International) Holdings Co (HKSE:02528) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » Forward Fashion (International) Holdings Co Ltd (HKSE:02528) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

N/A

Address

The Gateway, Harbour City, Suite 1204, 12th Floor, Tower 6, Tsim Sha Tsui, Kowloon, Hong Kong, HKG

Website

https://www.forward-fashion.com

Forward Fashion (International) Holdings Co Ltd is engaged in the retail of fashion apparel of international brands ranging from designer label brands, and popular brands to up-and-coming brands in Greater China. Its brands include UM, UM IXOX, and IXOX. It has opened mono-brand stores in Greater China for the brands BLACK BARRETT, CK CALVIN KLEIN, Calvin Klein Jeans, Calvin Klein Performance, Calvin Klein Underwear, EA7, Ed Hardy, Hogan, Moschino, Neil Barrett, Philipp Plein, Tommy Hilfiger and Under Armour. It has a business presence in Mainland China, Macau, Hong Kong, and Other regions.

Executives

Gold Star Fashion Limited	2101 Beneficial owner
Cheng King Ling	2202 Interest of your spouse
Fan Wing Ting	2201 Interest of corporation controlled by you

Forward Fashion (International) Holdings Co (HKSE:02528) Headlines

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