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Egg outlets thrive as Stelux Holdings struggles

Watch and optical retailer/wholesaler Stelux Holdings International estimates a fall of 19.8 per cent in turnover for the three months ended June 30.

However, sales by it trendy Egg optical retail business soared 30.7 per cent.

Turnover for the period was HK$690.3 million (US$89 million), with the group blaming poor consumer sentiment for dampening sales.

Turnover for its City Chain watch stores was HK$319. 3 million, down 29.5 per cent; Optical 88turnover was $244.4 million, down 14.3 per cent; and wholesale sales were $76 million, down 9.5 per cent (Southeast Asia fell 14.7 per cent while China sales eased 5.3 per cent).

On the other side of the ledger, China revenue for Egg optical stores was up 22 per cent to $47.6 million, with Southeast Asia as a new market bringing in $3.1 million, making a total increase of 30.7 per cent.

Group turnover was down 21.3 per cent for China ($525.4 million), and down 14.5 per cent for Southeast Asia ($164.9 million), making the downward trend 19.8 per cent overall.

At the end of the quarter, Stelux had 622 stores, down from 647 from the same period last year. For China, store numbers dropped from 392 to 385, while stores in Southeast Asia fell from 255 to 237. Again, Egg optical outlets bucked the trend, with 72 stores this quarter, up from 50. China’s outlets rose from 50 to 65, while seven stores opened in Southeast Asia, where the company did not previously have a presence.

The company says this data is based on a preliminary assessment and has yet to be audited.

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