Bauhaus loss widens to $95m

Business | Tereza Cai 2 Dec 2019

Retail chain Bauhaus (0483) announced that its interim net loss had widened from HK$55.89 million a year ago to HK$95.2 million for the six months ended September, primarily due to the intensifying China-US trade war, the depreciation of the yuan and the recent social unrest in Hong Kong.

Basic losses per share was 25.9 HK cents. Overall turnover fell 19.5 percent year-on-year to HK$410 million.

In spite of a 0.5 percent increase in mainland sales, the company saw its Taiwan sales hit the worst, recording a 36.6 percent drop to HK$57.1 million.

Meanwhile, in Hong Kong, Macau and elsewhere, the combined geographical unit which makes up the largest operating segment of the group, saw sales drop 18.4 percent to HK$294 million.

Bauhaus said it has had to frequently halt retail operations in many core shopping areas due to safety concerns as well as the temporary closure of major shopping malls due to increasingly violent anti-government protests, adding it was negotiating rental reductions and more flexible lease term structures with landlords.

The group had closed a number of significantly loss-making stores during the period under review and may need to further reduce its offline retail network in Hong Kong if the business conditions continue to remain unfavorable.

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