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L'Occitane sales hit
International cosmetics maker L'Occitane International (0973) said total retail sales in Hong Kong and Macau slid 15.2 percent in the year to the end of March from the previous 12 months.
Same-store sales in the two SARs slumped 17.2 percent, making up 10.8 percent of total net sales.
"The Hong Kong retail market remained sluggish due to the drop in mainland tourist numbers and the relatively strong Hong Kong dollar. The Hong Kong travel retail business also suffered from lower traffic in the Greater China region," the retailer said.
But the firm posted a 8.9-percent gain in overall net sales to 1.28 billion euros (HK$11.29 billion). At constant exchange rates, the sales growth was 5 percent. The rise was driven by sales in China, France, Japan, Brazil, and Russia. The overall same-store sales growth was 1.2 percent.
The China market saw the fastest growth, or 16.8 percent at constant exchange rates. The country contributed to 10.2 percent of total net sales. L'Occitane's own e-commerce channel achieved a 14.5-percent growth.
Source: The Standard