Hong Kong-listed shoe retailer Daphne International has reported a decline in sales of its core retail brands Daphne and Shoebox in the fourth quarter as it continues closing stores.
In a stock exchange filing, the company said the mainland stores experienced a “high-single-digit decline” year-on-year in same-store sales.
While the average selling price increased slightly, same-store sales for the full year to December 31 fell by 7.6 per cent.
Responding to “the unfavourable macro market,” the company continued to adjust its channel mix, closing a net 282 points of sale, including 270 directly-managed stores and 12 franchised stores during the fourth quarter.
After a net closure of 941 points of sale for the full year, the group had 2648 stores operating under the two core brands as at December 31.