Le Saunda profit downhill as store network slashed

Le Saunda sales slumped in the latest quarter as the Hong Kong footwear retailer slashed its store network.

In a stock-exchange announcement covering the fourth quarter, Le Saunda sales declined by 30.9 percent for the three months to February. It also noted a same-store sales decline of 18.5 percent, compared to last year.

Le Saunda currently operates 441 outlets in Mainland China, Hong Kong and Macau, including 55 franchised outlets – 85 fewer stores than it held as of February last year.

Despite the drop in sales at Le Saunda’s physical stores, the firm’s e-commerce business saw a total growth of 7.2 percent compared to last year.