Stelux sales slump as network trimmed
Stelux Holdings, parent of the City Chain watch retail business, says its sales in the December quarter were down 32.6 per cent, or by HK$198.98 million (US$25.6 million).
The company closed about 15 per cent of its stores, primarily in Hong Kong, as social unrest continued throughout the city, affecting sales to both locals and visitors.
While the company did not break out figures for Hong Kong, it said revenue for Greater China was down by 46.1 per cent in the quarter, to $110.3 million. Sales in Southeast Asian stores, which comprise about 40 per cent of the business, slipped by 2 per cent.
Total group sales were $650.5 million, compared with $895.8 million in the same quarter a year earlier.