Financial News
Written by: Kuang Yueting
2020-10-29 19:35
Last update date: 2020-10-29 19:36
IT (0999) announced its interim results, with a loss of 337 million yuan during the period, compared with a loss of 71.958 million yuan in the same period last year; a basic loss per share of 28.2 sen; no interim dividend.
Total turnover decreased by 31.9% to 2.735 billion yuan, of which total retail revenue in Hong Kong and Macau markets fell by 50.9% to 719 million yuan, same-store sales fell 48.9%; gross profit margin fell by 7.5 percentage points to 54.6%.
During the period, the group closed 17 stores in Hong Kong and Macau.
The IT branch was once a "renovation" target for demonstrators during the anti-regulation campaign.
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Operations will be streamlined in the future
The group stated that it has gradually reopened stores in some markets in the second quarter, but the pace of sales recovery in different markets is far apart. For example, the pace of sales recovery in the Chinese market is higher than in other regions that traditionally rely on tourism (such as Hong Kong and Macau). Faster.
During the period, the Group re-directed customer flow to digital channels through online promotional activities, and the sales contribution of e-commerce increased from 9% in the same period last year to 25%; and comprehensively reviewed the store portfolio to further optimize and integrate its channels.
The epidemic has lasted for many months. The group expects that its performance for the remainder of the financial year will remain under pressure. In the future, it will continue to focus on key markets and streamline operations, such as closing some loss-making business locations, but all measures are aimed at some of its operations Regions (such as Hong Kong) reach the most suitable business scale.
Chow Tai Fook's same-store sales in Hong Kong and Macau fell 52.5% year-on-year last quarter, while gold jewellery and products fell 64.5%
Uniqlo parent company | Fast Retailing earns 44% less profit for the whole year, expects fiscal year earnings to reach 2.2 trillion yen
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