Trinity interim net loss up threefold in H1

Hong Kong-listed premium menswear retailer Trinity Ltd.
posted a net loss of HK$200.4 million (US$25 million) for the first half of the year, widening more than threefold compared to HK$47.4 million the same period od last year, as revenue in its major markets decreased.
For the six months, the retailer’s total revenue amounted to HK$890.8 million, which was 11.5 per cent lower compared to HK$1 billion during the same period of last year. In addition, general same-stores sales of the company posted a year-on-year decrease of 14.2 per cent.
‘The Group’s performance has been adversely affected by the ongoing depressed state of the Hong Kong and Macau retail markets due to declining Chinese tourism and subdued local spending. This was compounded by dampened consumer sentiment in the Chinese Mainland,’ the company wrote in a filing with the Hong Kong Stock Exchange yesterday.
In the two Special Administrative Regions the company saw its retail sales drop 13 per cent year-on-year to HK$258.1 million, while same-store sales in the two cities also reflected a similar trend, down 11.9 per cent year-on-year.
Macroeconomic environment
In addition, the company’s business in Mainland China fell 23.1 per cent year-on-year to HK$378 million for the period, whilst that in Taiwan declined 17.8 per cent year-on-year to HK$64.8 million.
‘Our financial performance will continue to be affected by the macroeconomic environment in the short to medium term . . . Ultimately, we are confident the overall financial position of the Group will remain sound,’ the company wrote.
The Group manages five international menswear brands; namely, Cerruti 1881, Kent & Curwen and Gieves & Hawkes, which it owns, and D’URBAN and Hardy Amies, which are operated under a long-term licence in Greater China and worldwide. In Macau, the company manages nine stores under these brand names, primarily located in New Yaohan, Four Seasons Hotel Macau, The Venetian Macao and One Central Macau.