Le Saunda executive director Liu Tsz Yan will resign later this week as the company flags another quarterly loss in its latest trading update.

The Hong Kong-listed footwear brand said in a release that Liu will step down from her role on September 13 to pursue her other personal affairs. 

“Liu has confirmed that she has no disagreement with the board and there is no matter with respect to her resignation that needs to be brought to the attention of the shareholders,” the company stated.

In a separate announcement, Le Saunda expects to record a consolidated loss of RMB38-45 million (US$5.3-6.3 million) for the three months ended August 31, some three times its loss of RMB13.9 million last year.

The company attributed the higher loss to a significant sales decline amid a sluggish retail market, high retail discounts, and the closure of underperforming physical stores.

The company’s retail business saw a 30.5 per cent year-on-year drop in sales and 15.6 per cent decrease in same-store sales for the quarter. Its e-commerce business also recorded a sales decline of 16.4 per cent.

As of August 31, the retailer operated 224 stores, a net decrease of 73 outlets compared to the prior-year period. 

The board said the results were based on its preliminary assessment of the latest unaudited consolidated management accounts and were yet to be audited by the company’s independent auditors.