Watch retailer City Chain reported a turnover drop of 3.3 per cent in the three months ended December 31, 2014 to HK$561.9 million from HK$581.1 million a year earlier despite opening more shops during that period. Optical retail Optical 88 also saw its turnover drop to HK$283.4 million from HK$291.4 million, down 2.7 per cent in the fourth quarter of last year from that of a year earlier. But unlike City Chain, the number of Optical 88 retail shops dropped from 235 to 226 in this period. Meanwhile, optical retail eGG reported a 64.7 per cent jump in three-month turnover to HK$25.7 million from HK$15.6 million a year earlier. The three retailers’ parent company Stelux reported overall wholesale decreases of 6 per cent in its Greater China and Southeast Asia regions to HK$103.6 million from HK$110.2 million, according to unaudited operational results filed with the Hong Kong Stock Exchange yesterday. The group’s turnover also dropped 2.4 percent to HK$974.6 million, while the number of shops increased from 652 to 666. In the six months September 30, 2014, “the group achieved satisfactory turnover growth driven by our Greater China watch and optical retail businesses, particularly our operations in Hong Kong and Macau as our SEA business was affected by the poor retail climate,” Stelux chairman and CEO Joseph Wong said, adding that in the three months ended December 31 “we have seen a sudden slowdown in Hong Kong and Macau.” Looking ahead into the first quarter of this year, Mr. Wong said he expects consumer confidence to remain soft in all regions where the group operates. S.F.
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