Stelux sales slump as network slims down
In this article (5)
Stelux Holdings, parent of the City Chain watch retail business, says its sales in the December quarter were down 32.6 percent, or by HK$198.98 million (US$25.6 million).
The company closed about 15 percent of its stores, primarily in Hong Kong, as social unrest continued throughout the city, affecting sales to both locals and visitors.
While the company did not break out figures for Hong Kong, it said revenue for Greater China was down by 46.1 percent in the quarter, to $110.3 million. Sales in Southeast Asian stores, which comprise about 40 percent of the business, slipped by 2 percent.
Total group sales were $650.5 million, compared with $895.8 million in the same quarter a year earlier.
Questions & Answers
Q.What was the total reduction in Stelux Holdings' sales during the December quarter?
What was the total reduction in Stelux Holdings' sales during the December quarter?
Total group sales for Stelux Holdings were down by HK$198.98 million, or US$25.6 million. Total group sales reached $650.5 million, compared with $895.8 million in the same quarter last year.
Q.How significantly did the company's Greater China revenue decrease in the quarter?
How significantly did the company's Greater China revenue decrease in the quarter?
Revenue for Greater China saw a substantial decline of 46.1 percent during the December quarter. Sales in this region fell to $110.3 million, contributing to the overall slump experienced by the company.
Q.What proportion of its stores did Stelux Holdings close, and where were these closures mainly located?
What proportion of its stores did Stelux Holdings close, and where were these closures mainly located?
Stelux Holdings closed approximately 15 percent of its store network during the period. These store closures were primarily located in Hong Kong, an area significantly affected by ongoing social unrest.
Q.How did sales perform in Stelux Holdings' Southeast Asian stores?
How did sales perform in Stelux Holdings' Southeast Asian stores?
Sales in Southeast Asian stores experienced a modest decline, slipping by 2 percent. These stores constitute about 40 percent of the business, indicating a relatively stable performance compared to other regions.
Reader pulse
How will Stelux recover?
19,973 votes so far