Stelux China sales soar
In this article (5)
Listed Hong Kong eyewear and watch retailer Stelux Holdings has reported a 7.1 per cent decline in sales in the first three months of the 2015 financial year, compared to the same period last year.
However Stelux China proved a standout in the trading results for the three months to June 30.
The company says despite a decrease in turnover due to a decline in tourist spending in Hong Kong and Macau, the company achieved an 85.8 per cent increase in sales of its fashion eyewear chain eGG in the China Mainland, a 23.4 per cent increase in City Chain sales there, and a more modest 0.2 per cent gain in its Optical 88 chain.
The company says its total sales reached HK$860.7 million in the period, compared with $926.4 million in the same quarter of 2014.
Turnover in Southeast Asia – where it has stores in Singapore, Thailand and Malaysia – decreased by 16.9 per cent.
“Excluding currency effects, the turnover would have decreased by nine per cent due to weak retail sentiment in Thailand and Malaysia,” the company said in a stock exchange filing on Monday.
Questions & Answers
Q.What was the total sales figure for Stelux Holdings in the first three months of the 2015 financial year?
What was the total sales figure for Stelux Holdings in the first three months of the 2015 financial year?
The company's total sales reached HK$860.7 million during this period, which compares to HK$926.4 million in the same quarter of the previous year.
Q.Which of Stelux's brands saw the largest sales increase in Mainland China?
Which of Stelux's brands saw the largest sales increase in Mainland China?
The fashion eyewear chain eGG experienced the largest increase, with sales soaring by 85.8 per cent in Mainland China.
Q.What was the main reason cited for the decline in overall turnover?
What was the main reason cited for the decline in overall turnover?
The company attributed the decrease in turnover primarily to a decline in tourist spending experienced in Hong Kong and Macau.
Q.Which Southeast Asian markets were specifically mentioned as having weak retail sentiment?
Which Southeast Asian markets were specifically mentioned as having weak retail sentiment?
The company noted weak retail sentiment specifically in Thailand and Malaysia, contributing to a 16.9 per cent decrease in turnover in Southeast Asia.
Reader pulse
Is China the key growth market for Stelux?
19,949 votes so far