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Hong Kong’s IT’s profit falls

Hong Kong-based fashion retailer IT says full-year net profit dropped 27.3 per cent to HK$280 million (US$36.11 million).

IT retails upmarket European and Japanese brands and its own brands including 5cm, B+ab and Izzue.

The retailer blamed rising rental and labour costs and weaker retail spending at its major markets for the drop.

Business in China’s mainland grew 16.3 per cent, however it was offset by a 3.3 per cent decline in Hong Kong, as the number of mainland visitors lowered.

“We hope that less people will object to mainland visitors from coming, as they are a very important segment,” said CEO Sham Kar-wai.

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