Ulferts International (Ulferts) reported FY2025/26 revenue of HK$137.17 million, a 10.3% year-on-year decline as weak consumer sentiment weighed on furniture demand. Gross profit fell 12.4% to HK$77.34 million, trimming gross margin by 1.3 percentage points to 56.4%.

Net loss narrowed sharply to HK$1.70 million from HK$41.02 million a year earlier, driven by a 32.9% reduction in selling and distribution expenses to HK$59.57 million, a 90.2% drop in other expenses to HK$1.58 million and lower finance costs of HK$0.56 million. Basic loss per share improved to HK0.22 cent from HK5.13 cents.

Segment performance • Retail sales contributed 94.7% of total revenue, sliding 10.5% to HK$129.85 million.  – “Ulferts” and “Ulferts Signature”: HK$55.70 million (-21.3%), 42.9% of retail revenue.  – “at • home”: HK$37.20 million (-1.1%), 28.6%.  – “Slumberland” & “Ulfenbo”: HK$37.00 million (+0.8%), 28.5%. • Wholesale revenue contracted 30.0% to HK$4.50 million. • Special projects revenue doubled to HK$2.82 million.

Operating footprint and resources The Group operated 21 points-of-sale in Hong Kong at year-end: 3 furniture showrooms (“Ulferts Signature” and “Ulferts”), 4 “at • home” stores, 8 “Slumberland” outlets/counters and 6 “Ulfenbo” outlets/counters. Headcount fell to 103 from 113, cutting staff costs to HK$38.40 million (-7.5%).

Balance-sheet highlights • Cash and cash equivalents: HK$21.72 million (-20.3% YoY). • Interest-bearing debt: nil, leaving gearing at zero. • Current ratio improved to 1.6 (2025: 1.5); quick ratio rose to 1.0 (2025: 0.9). • Inventories reduced 20.0% to HK$24.18 million.

Dividend The Board proposed no final dividend.

Outlook Management plans to maintain stringent cost discipline and refine product offerings to navigate persistent economic uncertainties and intense market competition while safeguarding liquidity for future development.