Sunday, July 7, 2019
Martin Hennecke

Sa Sa net profit increases 7pc to $471m
<p>Cosmetic retailer Sa Sa International&#39;s (0178) net profit for the year ended March 31, 2019, increased 6.96 percent from a year ago to HK$471 million, with a declared final dividend of 9 HK cents per share.</p><p>Basic earnings per share was 15.4 HK cents.</p><p>Its turnover in Hong Kong and Macau grew by 4.9 percent to HK$7.09 billion, and same store sales went up by 3.0 percent.</p><p>Meanwhile, total turnover for its mainland operations decreased by 1.9 percent in local currency terms to HK$287.8 million, while same store sales in local currency terms dipped by 1.1 percent.</p><p>However, same store sales in Hong Kong and Macau in the second half of the year decreased year-on-year by 7.3 percent, as consumer sentiment was affected by yuan depreciation amid the Sino-US trade war and a decline in both the stock and property markets.</p><p>The Hong Kong Retail Management Association expects overall growth rate in sales will decelerate further and maintains its forecast of low single-digit growth for 2019 as a whole.</p><p>Sa Sa said the increase in tourist arrivals from the Hong Kong Section of the Express Railway Link and the Hong Kong-Zhuhai-Macau Bridge &quot;did not result in comparable sales growth&quot;, but it believes the two infrastructure projects will boost the consumption power of both local customers and tourists.</p><p>Chairman and chief executive officer Simon Kwok Siu-ming said the company will open more stores to expand market shares, with no less than three to four stores in Hong Kong and Macau and seven to eight in the Greater Bay Area. Shares of Sa Sa surged by 9.05 percent to HK$2.41.</p>

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