International Housewares Retail Company Limited provided unaudited consolidated earnings guidance for the six months ended 31, October 2023. For the period, the group is expected to record a decrease in profit attributable to owners of the Company within a range of approximately 32% to 38% for the Period, as compared to the adjusted profit attributable to the owners of the Company of approximately HKD 78 million which is excluding subsidies in relation to the coronavirus disease COVID-19, for the six months ended 31 October 2022 (the "Corresponding Period"). The Board considers that the decrease in the profit attributable to owners of the Company for the Period is mainly attributable to the following factors: The absence of grants from the Government of the Hong Kong Special Administrative Region in the Period as compared to the receipts of grants under the "Employment Support Scheme" due to the outbreak of COVID-19 of approximately HKD 32 million, and The increase in operating costs for the Period was mainly in relation to the increase of staff cost for the experienced employees, as well as one-off expenses for relocating and upgrading warehouse in Hong Kong, which enabled to secure a better location and enhance logistic efficiency, and The Group's revenue for the Period turned to an approximately 4.7% decline against the Corresponding Period, which had a high base due to the surging demand for anti- pandemic supplies during the COVID-19 epidemic in Hong Kong.

The revenue for the Period also softened as more people travelled abroad after the travel restrictions were lifted in Hong Kong. In addition, the extreme conditions brought about by the black rainstorm associated with typhoon in Hong Kong in September and October, which damaged the facilities in retail stores and disrupted business operations, resulted in a loss of business days in this Period.