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Chow Sang Sang 1H Sales Drop 10% in Hong Kong
Aug 25, 2015 6:10 AM
By Rapaport News
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RAPAPORT... Chinese jewelry retailer Chow Sang Sang’s sales fell in the first half of 2015, dragged down by a 12 percent decline in same-store sales in Hong Kong and Macau, according to a filing with the Hong Kong stock exchange.
Overall company sales slipped 1 percent to $1.2 billion (HK$9.3 billion). Operating profit from the company’s retail jewelry group fell 12 percent to $72.3 million (HK$561 million).
The company said that while there may have been as much as a 5.9 percent year-on-year increase in Mainland Chinese tourist to Hong Kong, “actual spending by these visitors did not bring much cheer to the luxury retail sector.”
Ahead of the filing, Bloomberg Intelligence analyst Catherine Lim wrote that a sales decline could lead to Chow Sang Sang seeking retail rent cuts and store closures. The company noted the closing of its store in Metroplaze, Kwai Chung during the first six months of the year.
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Tags:
China, Chow Sang Sang, Hong Kong, Rapaport News
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