Stelux China outperforms HK
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.