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Sa Sa says business still losing money
Source: SCMP
https://www.scmp.com/business/companies ... ness-still
Sa Sa International (0178) yesterday said its interim loss rose more than five-fold to HK$242 million compared to a HK$36.5 million loss in the previous period.
The cosmetics retailer also said it might close more stores in tourist hotspots and open outlets in residential areas.
Retail sales in Hong Kong fell 68 percent to HK$671 million. Local consumer sales fell 19 percent and the group will focus on local consumer business in the next few months.
Mainland sales fell 10 percent to HK$117.3 million. Same-store-sales based on the yuan were down 1 percent.
However, e-commerce sales rose 9.5 percent to HK$186.1 million.
The group's rental expense was HK$150 million less compared to the same period last year. A further 21 shops are subject to lease renewal this financial year.
Store numbers in Hong Kong and Macau dropped by 12 to 106. It had 231 stores at the end of September, 13 less than a year ago.
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