Stelux turnover drops 15 per cent

Third-quarter turnover declined 15.7 per cent for watch and optical retailer and wholesaler Stelux Holdings International compared with the same period in 2015.

Stelux, parent of City Chain, eGG and Optical 88, has nearly 400 stores in China, Hong Kong, Macau, Malaysia, Singapore and Thailand.

Its turnover for the period, to the end of December, was HK$717 million (US$92.4 million), down from HK$850.8 million.

The third-quarter decline narrowed compared with that in the first half year, which was 18.6 per cent. The growth momentum from its Egg business was sustained, while its wholesale business in Greater China improved 4.1 per cent despite the tough business environment.

However, other business units within the group generally had eroded turnover.

The unaudited consolidated turnover of the group for the nine months to December 31 was HK$2170.5 million, a drop of 17.7 per cent.

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