Retail sales in China are shown signs of a recovery, reflected by Chow Tai Fook Jewellery (1929), SaSa International (0178) and Anta Sports Products (2020), though the markets in Hong Kong and Macau are still witnessing a contraction.
Chow Tai Fook Jewellery said its retail sales value in the third quarter rose 2.6 percent year-on-year. Although the total value of retail sales in mainland China soared 21.2 percent, sales in Hong Kong, Macau and other markets plunged 51.6 percent.
The value of same-store sales grew 11 percent in mainland China but plunged 52.5 percent in Hong Kong and Macau.
During the eight-day Golden Week holiday, SaSa's retail sales in Hong Kong fell by 48.3 percent, and those in Macau fell by 56.4 percent. However, SaSa's retail sales in mainland China rose 38.7 percent.
SaSa said retail and wholesale turnover in its third quarter decreased by 55.3 percent year-on-year to HK$695.6 million, but rose 17.8 percent compared to its previous quarter.
Retail and wholesale turnover in Hong Kong and Macau was nearly HK$450 million in the third quarter, down 65.6 percent year-on-year.
Meanwhile, Anta (2020) said retail sales of Anta-branded products recorded low, single-digit positive growth in the third quarter from a year before.
Fila's branded products recorded a 20-25 percent year-on-year growth, and the other branded products saw 50-55 percent year-on-year increases.
Japan's Fast Retailing (6288), owner of casual clothing brand Uniqlo, said net profit for the year ended August 31 slumped 44.4 percent year-on-year to 90.36 billion yen (HK$6.65 billion), as the pandemic knocked customer visits lower.
Fast Retailing said full-year revenue plunged 12.3 percent to 2 trillion yen while operating profit was 149.35 billion yen, down 42 percent year-on-year. The group expects a net profit for this financial year to surge 83 percent to 165 billion yen, matching a record high set in 2019.
It expects the impact of the Covid-19 pandemic will fade away in the second half of the financial year.
Chow Tai Fook's retail sales in China grew 21 percent by value in the third quarter. SING TAO
