Shoe Mart operator S.Culture hints at change of fortune
Footwear retailer S.Culture International has turned around its fortunes after closing non-performing stores and booking gains from property disposals.
S.Culture sells a range of international footwear brands including Clarks, Josef Seibel, The Flexx and Yokono. It has a network of more than 100 stores across Hong Kong, Macau and Taiwan trading as S.Culture, Shoe Mart and Scoops and under individual brands, such as Clarks, Clarks Originals and Josef Seibel.
In a note to the stock market commenting on a recent increase in the price and trading volume of its shares, the company said it expects an improvement in its 2018 results, based on a preliminary review of its accounts.
“It is expected that the group will record a net profit for the year as compared to a net loss for the corresponding period in 2017 and a substantial decrease in loss attributable to
owners of the company for the year by over 85 per cent, as compared to the loss the previous year,” write chairman Yang Jun.”
He said closing down low-performing retail outlets and fine-tuning the group’s retail outlet mixt and a positive profit contribution from the newly acquired financial services business had driven the result, which will be released in detail later this month.