Le Saunda sales plunge 30 per cent
Le Saunda sales plunged 30 per cent in the fourth quarter as the embattled shoe retailer struggles to attract customers.
According to a stock exchange filing, sales at Le Saunda’s self-owned stores fell by 29.9 per cent in the quarter, with same-store sales declining 17.4 per cent.
That followed a cull of 161 stores over 12 months across Mainland China, Hong Kong and Macau.
Sales by the group’s e-commerce business fell by 4.1 per cent, compared with the same period last year.
Le Saunda has 526 stores remaining across its three markets, with 464 of them self-owned and 62 franchised on the mainland.
The company said it expects the group to record a net loss attributable to shareholders for the 2018-19 financial year, primarily attributable to the decrease in sales, and a declining gross profit margin. Le Saunda did not give an estimate for the loss.