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Tag: Sa Sa

  • Sa Sa International looking good, thanks to tourists

    Sa Sa International looking good, thanks to tourists

    Stronger store traffic drove overall sales for cosmetics retailer Sa Sa International for its third quarter to the end of December.

    This was in line with expectations, says the company.

    Total transactions increased by 5 per cent year on year to 5.1 million, while the number of transactions with local and mainland tourists grew 6.6 and 4.1 per cent respectively. The average transaction value also rose, by 4.2 and 2.8 per cent (to reach $367) respectively.

    The group’s total turnover grew by 6.5 per cent to HK$2.2 billion (US$281 million), led by Hong Kong and Macau where the growth was 8.1 per cent to reach $1.8 billion, while same-store sales increased by 3.7 per cent.

    Overall retail sales and same-store sales had 9.5 and 5.6 per cent growth respectively during December.

    Turnover in Mainland China, Singapore and Malaysia grew 13, 3.6 and 3.9 per cent respectively, while the turnover for Taiwan and e-commerce dropped by 5.5 and 21.9 per cent.

    Total turnover for the nine months to the end of December was $5.9 billion, up 3.4 per cent. For Hong Kong and Macau the figure was $4.8 billion, up 4.5 per cent.

    Same-store sales were flat for the nine months, while the average sales per transaction rose 3.3 per cent for to $343. There were 14 million transactions, up 1 per cent.

    At the end of December the company had 290 stores, no change from a year previously. However, the number of stores increased in Hong Kong and Macau (from 115 to 119), while there was a drop in Singapore (from 21 to 19) and in Taiwan (from 25 to 21). China and Malaysia had no change with 56 and 73 stores respectively.

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  • Sa Sa to open more stores after getting confidence

    Sa Sa to open more stores after getting confidence

    Skincare and cosmetics retailer Sa Sa International Holdings Ltd on Thursday posted a 14.5 percent rise in first-half net profit as consumer sentiment and mainland tourist arrivals improved.

    The Hong Kong-based retail chain operator’s net profit rose to HK$109.9 million ($14.1 million) for the six months ended in September from HK$96 million a year earlier. Analysts were expecting HK$118 million, according to Thomson Reuters SmartEstimate.

    Revenue climbed to HK$3.66 billion from HK$3.60 billion a year earlier.

    “We aim to capitalise on weakness in the rental cycle to establish more strategic locations to improve our brand exposure and stimulate sales,” Chairman Simon Kwok said in a filing to the Hong Kong bourse.

    Retail sales in Hong Kong and Macau rose 2.2 percent, while gross profit margin improved to 42.2 percent from 41.4 percent. The company operated a network of 283 stores and counters as of end-September, unchanged from the year-ago period.

    Sa Sa had earlier said that for the July-September quarter its retail and wholesale turnover rose 1.1 percent year-on-year, narrowing from a 2.1 percent growth in the previous quarter.

    In its home base of Hong Kong, retail sales grew in September at the fastest year-on-year pace in more than 30 months, government data showed, as increasing numbers of mainland visitors helped boost spending, particularly on watches and jewellery.

    Benefiting from improved consumer sentiment, China’s top jeweller Chow Tai Fook Jewellery on Tuesday posted a 46 percent profit rise in the first half and said it aimed to continue expanding in mainland China in the second.

    Sa Sa shares rose 2.5 percent on Thursday prior to the results announcement, outpacing a 0.1 percent gain in the benchmark index.

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  • Typhoons fail to dampen Sa Sa International sales

    Typhoons fail to dampen Sa Sa International sales

    Despite typhoons and poor tourist numbers buffeting sales for discount cosmetics chain Sa Sa International Holdings in its second quarter, it still managed to grow turnover.

    Its retail and wholesale turnover increased by 1.1 per cent year on year to HK$1.918 billion (US$245.9 million), the company’s unaudited update shows. Covering the period to September 30, the figures include National Day Golden Week Holiday.

    Retail sales in Hong Kong/Macau grew by 2.1 per cent to $1.574 billion, while same-store sales fell by 1.8 per cent following stores being relocated in tourist areas.

    “The overall sales performance was below our expectations because of typhoons and poor weather, resulting in weaker store traffic and tourist numbers,” says the company.

    There were 4.6 million transactions, down by 1.8 per cent, with those of local and mainland tourists dropping by 1.1 and 2.5 per cent respectively. However, the average transaction value was up by 5.9 and 3.8 per cent respectively.

    Turnover grew in other markets – 5.9 per cent for Mainland China, 4.2 per cent for Singapore and 0.5 per cent for Malaysia, while for Taiwan e-commerce improved by 4.1 per cent while turnover had a 15.5 per cent dive.

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  • Sa Sa has mixed quarter

    Sa Sa has mixed quarter

    Sa Sa sales in Hong Kong and Macau grew by 2.4 per cent for the first quarter, but same-store sales dropped by 2.5 per cent.

    Sa Sa says the unaudited figures were weaker than the previous quarter, affected by a particularly quiet June which was marked by typhoons and extended torrential rain. With a cool-down in Korean products and less store traffic, sales volume fell with fewer transactions by local and mainland tourists, down 4.1 and 6.4 per cent respectively.

    “However, some customers switching out of Korean products and into broader alternatives resulted in demand for higher-priced products,” says the retailer. “As a result, the average purchase per transaction of local and mainland customers has started to rise gradually, up 3.1 and 2.9 per cent respectively.

    “Our strenuous efforts to improve house-brand offerings is beginning to bear fruit, with the first quarter seeing improvement in the house-brand mix as well as gross profit margin in the Hong Kong and Macau markets. However, the increase in gross profits is not yet sufficient to offset the weakness in June’s sales performance and the one-off costs of Hong Kong warehouse relocation.”

    The group says it is cautiously optimistic about the Hong Kong and Macau markets and continues to invest in residential shops and extra staffing as well as launching a new own-label brand.

    It says these strategies will increase the group’s competitiveness but also exert short-term cost pressure.

    Sa Sa’s unaudited figures for the quarter to the end of June show retail and wholesale turnover increased by 2.1 per cent. In Hong Kong and Macau, the number of transactions eased by 0.4 per cent, while the average sales per transaction grew by 2.8 per cent.

    The group’s retail and wholesale turnover in other markets (including China, Malaysia, Singapore, Taiwan and e-commerce) rose by 0.5 per cent for the quarter.

    “Stepping into the second quarter, sales performance in the Hong Kong and Macau markets has
    shown conspicuous improvement,” says chairman/CEO Kwok Siu Ming Simon. “While the group is strengthening choices in selected product categories, it is anticipated sales in Hong Kong and Macau will continue to improve in the second quarter.”

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  • Sa Sa hit by China-South Korean political fallout

    Sa Sa hit by China-South Korean political fallout

    Leaders of businesses that have interests in China generally do not like to talk politics but the chairman of Hong Kong cosmetics chain Sa Sa International is an exception. He said Thursday that China’s tighter border security and Beijing’s rocky ties with South Korea have taken a toll on Sa Sa.

    With the Chinese economy slowing, Sa Sa has been filling its shelves with mass-market cosmetics products from South Korea to cater to price-sensitive Chinese tourists. About 21% of the company’s products come from South Korea, more than doubled from last year, but that strategy will change soon.

    “The THAAD (Terminal High Altitude Area Defense) missiles have affected the sales of our key growth driver — Korean products,” Sa Sa Chairman Simon Kwok Siu-ming told reporters on Thursday, referring to the deployment of a U.S. anti-missile system in South Korea that has strained relations between Beijing and Seoul.

    Kwok added that the company would switch to selling more low-cost cosmetics from Taiwan and Japan instead.

    But this change in strategy comes at a cost. Sa Sa saw a 2.8% drop in average spend per purchase despite a 2.9% growth in transaction volume. “Gone is the trend of conspicuous gifting. Chinese customers are shopping for self-consumption these days,” Kwok said.

    Security at Chinese borders has also been reportedly tightened ahead of an expected visit by President Xi Jinping to mark the 20th anniversary of the territory’s handover to Chinese rule on July 1.

    “If you asked me in May, I’d expect a rebound in retail sales in Hong Kong. Now, the market is at most stabilizing but with the recovery slowing,” Kwok said. He added that more stringent border checks have discouraged mainlanders to shop in Hong Kong. “I hope the impact is only short-lived.”

    Sa Sa operates a growing sales network of some 280 shops in Hong Kong, mainland China, Singapore, Malaysia and Taiwan. Its profit dropped 14.8% to 326.7 million Hong Kong dollars ($41.9) in the year ended in March from a year ago.

    Turnover slipped 0.6% to HK$7.75 billion as retail sales in Hong Kong and Macau, both of which accounted for 80% of the total, remained flat. Its sales on the mainland fell 4% on the year.

    Investors reacted negatively to Sa Sa’s results, sending its shares 8.3% lower to a one-month low of HK$3.32. It proposed a final dividend of HK$0.08 per share, bringing its annual dividend to HK$0.17 per share, down 28% from a year ago.

    The company said it would not pay a special dividend for the first time since 2002 due to hefty costs required to relocate its warehouse in Hong Kong and HK$35 million it expects to spend on upgrading its e-commerce platform.

    Sa Sa’s e-commerce sales grew 9.5% to HK$475 million last year, contributing to about 6% of total sales. But the company, which operates its own online sales platform, started to hike prices from April in a bid to contain losses in e-commerce. It has also doubled the minimum spend for free delivery to 530 yuan ($78) per order.

    “Our platforms were selling too cheaply before and we have to survive,” said Kwok. Inefficiency has been the “biggest weakness” of Sa Sa’s online platform as it would typically take nine to 10 days for goods to be delivered. “Our target is to make it happen in seven days,” he added.

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  • Sa Sa International’s shares decline on profit warning

    Sa Sa International’s shares decline on profit warning

    Shares of Sa Sa International Holdings, Hong Kong’s largest cosmetics chain, declined almost 1% here on Wednesday morning after the company warned of a profit decline for the financial year ended in March.

    Although Sa Sa’s turnover during the three months through March was 2.02 billion Hong Kong dollars ($260 million), increasing 4.9% from the same period a year earlier, investors were discouraged by a separate filing that indicated net profit for the full financial year could fall anywhere from 10% to 20%.

    The group carries both its own brands and international cosmetics. It boasts over 280 stores across Asia. While sales in its major markets of Hong Kong and Macau recovered toward the end of 2016, online sales were below expectations.

    Simon Kwok Siu-ming, Sa Sa’s chairman and CEO, said in a statement that the group’s efforts to adjust its product lineups to better align with a market demanding trendy products has “caused a continued downward pressure on gross profit margin.”

    Hong Kong’s entire retail environment is facing headwinds due to fewer tourist arriving from mainland China. Retail sales in the territory last year dropped 8.1%.

    Some analysts see a recovery — at least one led by mainland tourists — as hard to come by.

    “Retail sales in Hong Kong are not going to have a strong boost from Chinese tourists like before,” said Andes S.C. Lau of Prudential Brokerage in Hong Kong.

    Still, further big drops are unlikely.

    Lau sees Sa Sa’s share price, which is hovering at a year-to-date low, as being “supported by investors buying on weakness.”

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  • Upswing for Sa Sa International New Year sales

    Upswing for Sa Sa International New Year sales

    With more tourists from the mainland, cosmetic retailer Sa Sa International Holdings saw a 3.5 per cent upswing in sales in Hong Kong and Macau during the Lunar New Year (January 28 to February 3).

    It says there were 10.7 per cent more transactions by tourists from China, while the average value of each transaction shrank by 4.6 per cent.

    Sales to local customers also decreased, by 3.3 per cent, according to the company’s preliminary figures.
    Hong Kong Immigration Department says there was a 12.9 per cent increase in the number of Hong Kong residents travelling overseas through the airport during the Lunar New Year period.

    Sasa chairman/CEO Kwok Siu Ming Simon says that as the group’s sales performance during the period had been affected by several factors, the figures may not reflect overall performance.

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  • Tourists drive Sa Sa sales

    Tourists drive Sa Sa sales

    Sales performance has improved marginally for cosmetics chain Sa Sa International Holdings for its third quarter, to the end of December.

    This was mainly a result of a rise in numbers of mainland customers driving a 5.4 per cent increase in the number of transactions in Hong Kong and Macau while local trade remained flat. However, the average sales per transaction of local customers increased by 0.2 per cent while for mainland customers there was a 3.6 per cent drop.

    Sa Sa sales growth is a result of the group’s ongoing efforts to adjust its product offerings to adapt to the market demand for trendy products, the company says. This also resulted in continued downward pressure on gross profit margin for the quarter.

    For the quarter, the group’s retail and wholesale turnover eased up by 0.9 per cent year-on-year, while the figures for other markets outside Hong Kong and Macau – including China, Malaysia, Singapore, Taiwan and online – were flat.

    Following the gradual tapering of year-on-year retail sales decline in the first and second quarters in Hong Kong and Macau, same-store Sa Sa sales in the third quarter fell by 2 per cent while retail sales rose by 1 per cent.

    Sa Sa had 290 outlets in total at the end of December, up from 283 as at September 30. For Hong Kong and Macau, there were 115 outlets, up by two; China had three more stores for a total of 56; Singapore lost two stores to finish the year with 21; Malaysia gained five outlets for 73; and Taiwan lost a store to end the year with 25.

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  • For 7-Eleven, its all on a par

    For 7-Eleven, its all on a par

    In a sign of how far confidence in the yuan has fallen, 7-Eleven stores are valuing the Chinese currency on a par with the Hong Kong dollar, which was last seen in 2007.

    One yuan fetched HK$1.12 on the foreign currency market yesterday.

    While China’s currency would need to fall 10.7 percent to reach actual parity with the Hong Kong dollar, the exchange rate offered by the city’s largest operator of convenience stores shows how depreciation pressures are making the yuan less attractive to hold.

    “The recent sharp yuan depreciation has hurt local merchants’ willingness to accept yuan,” said Kevin Lai, chief economist for Asia excluding Japan at Daiwa Capital Markets in Hong Kong.

    “The fact that they demand a bigger premium in the exchange rate to accept yuan payments shows the outlook is pretty negative for the Chinese currency.”

    Trading the yuan at parity with the Hong Kong dollar by local retail chain may be a new norm to avoid foreign exchange risk amid a weakening Chinese currency, said Hang Seng Bank (0011) acting chief economist Thomas Shik Chun-sing, who expects the yuan to further soften 3-5 percent this year.

    7-Eleven adjusted its yuan rate in light of recent drastic fluctuations in the currency and will change it whenever necessary, a company spokesman said in an e-mailed reply to questions.

    The convenience store chain has more than 900 stores in Hong Kong and is part of Jardine Matheson Holdings’ Dairy Farm.

    Signs in Circle K, another major convenience store chain, offer an exchange rate of 100 yuan per HK$105. Rates at cosmetic retail chain Sa Sa and Mannings, a personal health retailer under Dairy Farm, are both 100 yuan per HK$110.

    The yuan plunged about 12 percent against the greenback last year.

  • Tencent Singapore office targets tourists

    Tencent Singapore office targets tourists

    Chinese-based online social media platform parent Tencent has opened a Singapore office to help drive Asian brands improve their reach to Chinese consumers.

    Tencent, which owns the WeChat messaging and browsing platform, has created an International Business Group charged with raising awareness of the opportunities offered by WeChat, especially targeting people who live outside China.

    While WeChat is as mainstream in the mainland as facebook is outside China, its takeup across the rest of Asia is limited.  The new Tencent Singapore team believes there are huge opportunities marketing to Chinese when they are travelling outside their home country.

    A growing number of luxury brands are establishing a presence on Wechat – Gucci even sells handbags worth several thousand US dollars on the platform, and BMW reaches out to prospective customers. Other consumer retailers like Hong Kong’s Sa Sa have developed extensive interactive eCommerce platforms which work across channel and drive customers in-store.

    Benny Ho, senior director of business development at Tencent, told The Drum that inbound marketing is a big opportunity in Singapore, especially.

    “These tourists are setting their own itinerary and they know precisely what store to buy from and in what colour before they arrive; they come to buy, not to shop. This means you need to build all the brand consideration and purchase intent way before they arrive and that is part of the core service we are trying to offer,” he said.

    WeChat alone has just over 800 million monthly active users.

    “That’s a huge number,” said Ho. “Every market we go to, we educate the market and tell them the numbers and it’s mind blowing. Our role is to make something that big [more] understandable.”

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  • Sa Sa International sees fall in profits amid drop in tourism

    Sa Sa International sees fall in profits amid drop in tourism

    In the period ending September 30th 2016, Sa Sa International’s turnover reached HK$3.63 bn (€442.2 mn), a 4% drop from HK$3.78 bn (€460.5 mn) compared to last year’s results.

    Sa Sa totalled profits of HK$96 mn (€11.7mn), indicating a 37.3% drop from last year’s HK$153 mn (€18.6 mn) during the same period.

    Purchasing patterns

    Despite a continued reduction in tourist footfall, the total number of transactions by local and mainland Chinese consumers increased by 0.2% and 4.4% respectively.

    However, the average sales value per transaction saw a slump, decreasing by 6.3% for purchases made by local consumers and 6.6% for tourists. This was reflected in the leading cosmetics company’s retail sales in Hong Kong and Macau, which fell by 3.6% from HK$3 bn (€365.5 mn) to HK$2.9 bn (€353.3 mn).

    The Hong Kong market has witnessed changing consumer attitudes towards product selection. As the Hong Kong dollar strengthened and the Chinese Yuan deteriorated, these have also been cited as having a detrimental impact on Sa Sa’s interim results.

    To reflect the evolving marketplace, Sa Sa focused on adapting to consumer demands by speeding up product launches, combatting lengthy product cycles with shorter alternatives, reducing price points of on-trend lines and creating innovative marketing displays.

    The shopping experience

    Sa Sa is currently concentrating on increasing sales by bringing these efficient product cycles to market through facilitated CRM processes, online marketing and online-to-offline (O2O development.)

    The O2O landscape has been developing rapidly throughout APAC in recent years. As a result, Sa Sa hopes to maximise this opportunity to improve the shopping experience for its customers through creating online operations for digital marketing that connect with its physical stores.

    “We…remain resolute in our belief that we can further strengthen our competitiveness in the coming years and convert difficult challenges into golden opportunities, such as those offered by O2O, by changing consumer behaviour and by the growing affluence of the less developed regions of Mainland China” said Dr Simon Kwok, BBS, JP, Chairman and CEO of the Group.

    This year, the cosmetics brand launched a new mobile app to reflect the market’s preference for mobile over desktop usage. Sa Sa collaborated with online retailer Kaola to complement this release and existing partnerships with T-Mall, JD.com and suning.com.

    It used these channels to promote its range of Korean products, which it produced to reflect the popularity of the K-beauty and K-pop influences trending through APAC and the wider markets. As a result, Sa Sa saw its sales increase by 51.5% in Hong Kong and Macau, with its own brands and exclusively distributed products dropping by 2.5% from 41.3% to 38.8%.

    Consumer support

    On 21st November, two days before the interim report was released, Sa Sa International announced it had been presented the award at the “World’s Excellent Brands Awards 2016-2017” by China Media Network (CMN).

    The prestigious accolades are given to those brands that demonstrate an awareness, recognition, leadership and representativeness of tourism-related global brands by an evaluation committee and selection of tourists.

    Following public voting and evaluation, Sa Sa received the “World’s Excellent Brands Awards” and has previously been awarded the “Most Popular Hong Kong and Macau Brand” by CMN.

  • Sa Sa International Holdings reports drop in profits

    Sa Sa International Holdings reports drop in profits

    Hong Kong-based Sa Sa International Holdings has reported a drop in profits of 37.3 percent for the first six months, due to a poor retail environment in the mainland with a poor tourist footfall.

    Profits fell to HK$96 million as retail sales dropped by 3.6 percent in Hong Kong and Macau, which attributes 80 percent to the company’s turnover.

    Turnover fell 4 percent to HK$3.63 billion year on year while total sales transactions grew 2.3 percent after six quarters of decreasing transaction volume.

    Guy Look, Chief Financial Officer and Executive Director, said, “Obviously it could be better. In Hong Kong, we have tried for the last 15 months or so to gain market share, to increase competitiveness. I think what has been important in the first half of this year is that we feel we are moving in the right direction in terms of providing what the market wants.”

    Sales in Taiwan and Singapore fell 22.8 percent and 11 percent respectively, which is said to have hindered profits. The company is said to be downsizing in the markets and will be making rental cuts in Hong Kong and Macau of 40 to 50 percent.

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  • Sa Sa seeks cheaper rent

    Sa Sa seeks cheaper rent

    Twilight has come for the retail industry in Hong Kong, said cosmetic outlet operator Sa Sa International (0178) chairman Simon Kwok Siu-ming, although he remains optimistic of better days ahead.

    The week-long national holiday saw improved sales for the firm, and he hopes the uptrend is sustainable for the rest of the year, especially during Christmas and New Year high season. Regarding the mainland tax reform on luxury cosmetics, with the Chinese government cutting taxes from 30 percent to 15 percent starting this month, Kwok said it came unexpectedly, and it’s too early to determine its impact on Sa Sa.

    But he expressed confidence in Hong Kong products. “I think it is more important to know that authentic and quality goods can be bought here,” he said.

    Kwok noted Sa Sa managed to open several outlets in recent months. But under pressure to reduce operating costs, he hoped shop rents can come down to reasonable levels soon, so that there will be no staff layoffs or pay reductions.

    Sixty percent of Sa Sa sales came from neighborhood areas, and the retailer said earlier it will shift away from the tourist areas if landlords refuse to slash rents.

    But Kwok said the firm was able to find cheaper outlets, as a contract was renewed at a site opposite the Sogo store in Causeway Bay at 60 percent lower monthly rent of HK$800,000.

  • Turnover falls for Sa Sa International

    Turnover falls for Sa Sa International

    Sa Sa sales are slowing, despite an improvement in Mainland Chinese visitor numbers.

    Retail and wholesale turnover for cosmetics retailer Sa Sa International Holdings fell by 5.7 per cent for the first quarter to June 30, according to unaudited data.

    Turnover dropped 5.4 per cent to HK$1384.9 million (US$178.585 million) in the Hong Kong and Macau markets, while same-store sales decreased by 4.8 per cent. While there were only slightly fewer transactions, their average value fell 5.7 per cent.

    In other markets, including China, Malaysia, Singapore and Taiwan as well as Sasa.com, retail and wholesale turnover dropped 7 per cent to HK$1717.1 million for the quarter.

    While still in decline, the group’s retail sales in Hong Kong and Macau recorded a notable improvement compared to the last quarter of the last financial year, the company attributing this to traffic growth of 2.7 per cent among mainland customers.

    “Their consumption continued to be on the weaker side, with spending declining by 6.4 per cent per transaction. Local consumption sentiment remained sluggish,” says the company.

    Improved sales performances were partially because of the group’s efforts to adjust product offerings to meet market demand.

    As at June 30, the company had 112 stores in Hong Kong and Macau, a drop of one from the start of the quarter. At 55, there were two fewer stores on the mainland, Singapore was steady at 23 stores, Malaysia’s 67 stores included had one more outlet, and Taiwan also lost a store for a total of 31. Overall, the company had 288 stores, down from 291.

    Sales performance during the period was affected by a series of factors, says the company, so the data for the period may not be able to reflect the overall performance of the reporting period.

  • Sa Sa stores shrink

    Sa Sa stores shrink

    New Sa Sa stores are set to open in train stations and near the Mainland China border as the beauty retailer adapts to the changing demographic of Hong Kong shoppers.

    During a press conference discussing the group’s results last week,  Sa Sa chairman Simon Kwok Siu-ming said in light of the evolving trading environment, the company recognised the need to adjust its store strategy.

    Larger stores in traditional tourism destinations would be closed over time, replaced in the network with new stores in the New Territories giving Mainland Chinese daytrippers easier access to its range of products.

    At the same time, the company will develop new stores with smaller, compact footprints located in residential shopping centres and train stations, to serve younger, local customers and commuters. These stores will have a footprint of less than 1000 sqft (93 sqm) and stock  the top 20 per cent selling lines of large format stores, with a skew towards increasingly-popular Korean and Taiwanese brands.

    Kwok said rents in high-profile tourist locations are so high, closing one store there would save enough to open “five to six stores in the New Territories”.

    Sa Sa plans to seek rent reductions of between 40 and 50 per cent when renegotiating terms of leases for 22 stores which are due for renewal this year.

    The retailer currently operates 291 stores in Hong Kong, Mainland China, Singapore, Taiwan and Malaysia.

    Last week, Sa Sa reported a 12.8 per cent drop in turnover for its latest fiscal year to March, sliding to HK$7.85 billion (US$1011.4 million).

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