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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.
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Tags:
China, Chow Sang Sang, Hong Kong, Jewelry sales, Rapaport News, retail, retail sales
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