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Chow Sang Sang’s 2015 Sales Dip on Low Hong Kong Spending

Mar 23, 2016 8:51 AM   By Rapaport News
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RAPAPORT... Chow Sang Sang reported revenue dipped 1 percent in 2015 as stronger results from mainland China countered a drop in spending by visitors to Hong Kong amid an economic slowdown.

Group revenue fell to $2.46 billion (HKD 19.07 billion) as jewelry sales in Hong Kong and Macau, the company’s largest market, dropped 10 percent and same-store sales dived 11 percent, according to a statement March 22. Total jewelry sales slipped 1 percent to $2.16 billion.

Spending by visitors was “low-key” throughout 2015 because China’s economy slowed and the Renminbi weakened, both of which were intensified by extremely high stock-market volatility. Macau suffered a “dearth” of visitors.

Mainland China, however, fared better, with jewelry retail sales rising 11 percent and same-store growth increasing 6 percent.

Profit increased 4 percent to $145.7 million because of a gain of $31.7 million from the disposal of a long-term holding of shares in Hong Kong Exchanges and Clearing.
Tags: China, Chow Sang Sang, Hong Kong, Jewelry sales, Rapaport News, retail, retail sales
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