Saturday, November 27, 2021
Martin Hennecke

Mainland retail recovery as Hong Kong, Macau languish
<p>Retail sales in China are shown signs of a recovery, reflected by Chow Tai Fook Jewellery (1929), SaSa International (0178) and Anta Sports Products (2020), though the markets in Hong Kong and Macau are still witnessing a contraction.</p><p>Chow Tai Fook Jewellery said its retail sales value in the third quarter rose 2.6 percent year-on-year. Although the total value of retail sales in mainland China soared 21.2 percent, sales in Hong Kong, Macau and other markets plunged 51.6 percent.</p><p>The value of same-store sales grew 11 percent in mainland China but plunged 52.5 percent in Hong Kong and Macau.</p><p>During the eight-day Golden Week holiday, SaSa&#39;s retail sales in Hong Kong fell by 48.3 percent, and those in Macau fell by 56.4 percent. However, SaSa&#39;s retail sales in mainland China rose 38.7 percent.</p><p>SaSa said retail and wholesale turnover in its third quarter decreased by 55.3 percent year-on-year to HK$695.6 million, but rose 17.8 percent compared to its previous quarter.</p><p>Retail and wholesale turnover in Hong Kong and Macau was nearly HK$450 million in the third quarter, down 65.6 percent year-on-year.</p><p>Meanwhile, Anta (2020) said retail sales of Anta-branded products recorded low, single-digit positive growth in the third quarter from a year before.</p><p>Fila&#39;s branded products recorded a 20-25 percent year-on-year growth, and the other branded products saw 50-55 percent year-on-year increases.</p><p>Japan&#39;s Fast Retailing (6288), owner of casual clothing brand Uniqlo, said net profit for the year ended August 31 slumped 44.4 percent year-on-year to 90.36 billion yen (HK$6.65 billion), as the pandemic knocked customer visits lower.</p><p>Fast Retailing said full-year revenue plunged 12.3 percent to 2 trillion yen while operating profit was 149.35 billion yen, down 42 percent year-on-year. The group expects a net profit for this financial year to surge 83 percent to 165 billion yen, matching a record high set in 2019.</p><p>It expects the impact of the Covid-19 pandemic will fade away in the second half of the financial year.</p><p>&nbsp;</p>

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