Monday, November 30, 2015

HONG KONG RETAIL SALES SLIP


Retail sales volume slips

Tuesday, December 01, 2015

Total retail sales volume in Hong Hong slipped 3percent in October from a year earlier, data from the Census and Statistics Department showed yesterday down for eight months in row.
Monthly retail sales amounted to HK$37.2 billion, down 6.4 percent from September, which was the steepest drop this year. From January to October, retail sales fell 2.7 percent from a year back.
A government spokesman said sales somewhat improved in October, helped mainly by the growth in the sales of certain consumer durable goods amid the launch of new smartphone models. In October, the sales of jewelry, watches and clocks, and valuable gifts slumped 17 percent, followed by a 13.7 percent drop in fuel from a year earlier.

Meanwhile, the biggest mall on Hong Kong Island, Cityplaza, operated under Swire Properties (1972), says Christmas sales will be better this year than last rear.General manager Kieran Bowers is optimistic.
There is 5.7 percent growth in the customers coming to the mall for the first 10 months this year, compared to a year back. Bowers said the Tai Koo Shing mall targets mid-market and 97 percent of shoppers are locals, it is therefore less concerned with the tourist slowdown from China.
A 6.7 percent sales growth was recorded for the mall in the third quarter, at a rate slower than the first half of the year at almost 11 percent.
Local retailer Dickson Concepts (International) (0113) continued to be hit by the weakened consumption in the SAR, posting an interim net loss of HK$76.2 million
During the fiscal half year, excluding a non-cash impairment loss of HK$23.1 million, the loss was HK$53.1 million. The loss was narrowed from HK$133 billion from a year earlier. Its revenue also fell 11.21 percent to HK$1.81 billion. The firm mainly operates retail outlets in Hong Kong, accounting for 65 percent of earnings with 41 stores.
The group kept the same dividend policy from a year back. No dividend was declared. Loss per share was 19.7 HK cents.
Same store sales dipped 10.5 percent although overall gross profit margin improved by 2.9 percent by a change of sales mix and tight control of promotional activities. ESTHER YU and KATE LIN