Major retailers in Hong Kong are reporting weaker sales data as fewer mainlanders visit the city, Apple Daily reported Thursday, citing figures from the companies.
Beauty products retailer Sa Sa International Holdings Ltd. (00178.HK) said late Wednesday that sales over the May Day holiday dropped 1 percent, with same-store sales down 5 percent, the worst result since the company starting releasing such data in 2010.
The lower sales were mainly attributed to a fall in mainland visitors, with sales outlets in tourist areas registering bigger declines, the company said.
Casual wear retailer Giordano International Ltd. (00709.HK) saw its shares fall as much as 16 percent to their lowest in more than three years after the company warned of a sharp drop in interim profit for 2014.
Giordano announced late Monday that it expects to book a significantly lower profit for the first half as consumer demand in greater China continues to weaken and the decline of the yuan affects profitability.
Other retailers, including Bossini International Holdings Ltd. (0592.HK) and I.T (0999.HK), also saw their share prices fall.
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