Slimmed-down Hong Kong shoe retailer Le Saunda is showing early signs of improvement despite the recent decline in the territory’s retail sector.
Figures for the November quarter show same-store sales growth of 7.7 percent in its self-owned network when compared with the same period last year. Total sales, however, were down 11.1 percent, reflecting a rationalization of the store network. The group ended the quarter with 447 stores in Mainland China, Hong Kong and Macau, a net decrease of 118.
As earlier reported, sales for the first half of this year fell by 18.2 percent
At the time, Chairman James Ngai said that given the current “gloomy economic conditions” Le Saunda would continue to optimize its distribution network, close down low-profit stores and take “a cautious and prudent approach in business expansion”.
The picture was not so bright in the online business in the three months to November 30, however, where sales fell 20.7 percent year on year.