Unrest keeps Sasa shoppers away

Business | Tereza Cai and Bloomberg 12 Jul 2019

Cosmetic retailer Sa Sa (0178) yesterday said its retail and wholesale turnover for the three months from April to June fell 10.8 percent year-on-year to HK$1.89 billion, with political unrest hurting its business.

Retail sales in Hong Kong and Macau gradually improved from April to the first week of June, but the unrest which erupted in the second week of June hit sales. Retail and wholesale turnover in Hong Kong and Macau markets fell 12 percent from a year ago to HK$1.58 billion, and same-store sales also saw a 15.3 percent decline, due to the falling transactions.

The number of mainland customers fell 12.9 percent and local customers dropped 1.6 percent, while average sales per transaction in the two markets decreased by 5.2 percent.

Meanwhile, Uniqlo's retailer Fast Retailing (6288) said its third-quarter net profit ended May 31 rose 6.95 percent year-on-year to 158.6 billion yen (HK$11.47 billion) and it was sticking to its full-year target, which could be a new record.

The profit fell short of analyst estimates as a weaker performance in Japan overshadowed a strong showing in its overseas markets, particularly China.

Elsewhere, retail sales of Anta's (2020) branded products for the second quarter of 2019 increased by the mid-teens when compared to the same period of 2018 and restaurant operator Cafe de Coral (0341) said it will cooperate with eight mainland property developers to accelerate its mainland footprint, particularly in Guangzhou and Shenzhen.

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