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Retail Management Association: The basic market factors remain unchanged, and the market has not yet shown signs of improvement.
Annie Lo, Executive Director of the Retail Management Association, pointed out that the main reason for the narrowed decline in retail data in Hong Kong in September is the low base effect. She mentioned that the current market conditions have not changed fundamentally, with general weakening in consumer spending among citizens, coupled with strong performance of the Hong Kong dollar and the influx of mainland Chinese visitors, the market remains weak without any signs of improvement. 70% of the association's members expect business performance to continue to decline in October. Annie Lo stated that among these members, non-essential items are experiencing a larger decline, while 30% expect business to remain stable or improve, primarily relying on promotional activities and new product launches. Members are still pessimistic about the performance in November and December. She pointed out that half of the members anticipate a decline in business in November, during the Christmas holiday in December.
CEC INT'L HOLD: 2023/2024 ANNUAL REPORT
The Retail Management Association expects the downturn in Hong Kong's retail sales to continue until early next year, and hopes that rent for shops will decrease by at least 30%.
The government statistics department announced yesterday (1st) that the temporary estimated total sales value of the retail trade in June this year was 29.9 billion yuan, a 9.7% year-on-year decrease. The revised estimated total sales value of the retail trade in May this year fell by 11.4% year-on-year. Compared with the same period last year, the temporary estimated total sales value of the retail trade in the first half of this year fell by 6.6%. Annie Tse, chairman of the Hong Kong Retail Management Association, said that retail sales from March to June this year have fallen for four consecutive months, describing the retail trade as entering a difficult phase. She mentioned that factors such as Hong Kong people traveling abroad and shopping in the north, high exchange rate of the Hong Kong dollar, and changes in tourist consumption habits are unlikely to change in the short term, and the retail sales decline is expected to continue.
CEC International Swings to Loss in Fiscal Year 2024
Parent company CEC Int'l Hold (00759.HK) posted a net loss of 29.81 million yuan in the previous fiscal year, causing the stock price to decline by 7.6% at present for 759 Store.
CEC Int'l Hold (00759.HK), which operates "759 A-Xin Store", opened 6.6% lower this morning (25th) and reached a low of 0.18 yuan. It is now reported at 0.182 yuan, down 7.61%, with a turnover of 0.206 million shares and involving 0.0372 million yuan. CEC International released its annual performance ending in April this year yesterday (24th). Its revenue fell by about 13.2% year-on-year to nearly 1.47 billion yuan, recording a net loss of 29.812 million yuan, compared to a net profit of 49.565 million yuan in the 2023 fiscal year. No dividends were declared. The company stated that the current retail market in Hong Kong is difficult to predict.
Performance: CEC Int'l Hold (00759.HK) suffered a loss of 29.81 million yuan for the entire year, turning from profit to loss.
cec int'l hold (00759.HK) announced its financial year-end results for the month ending April, with revenue of 1.47 billion yuan, a year-on-year decrease of 13.2%. It recorded a loss of 29.81 million yuan, compared to last year's net profit of 49.57 million yuan, turning from profit to loss; loss per share was 4.47 cents. No final dividend will be distributed.
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