Retail News CRM

Tag: Sales

  • L’Occitane sales on the up despite disappointing performance in Hong Kong

    L’Occitane sales on the up despite disappointing performance in Hong Kong

    French beauty brand L’Occitane has announced sales for the year ending March 31 increased by 8.9 percent at 1.28 billion euros.

    Growth surged on in China – which saw sales grow by 16.8 percent – France, Japan, Brazil and Russia however a poor performance in Hong Kong saw total retail sales in Hong Kong and Macau fall by 15.2 percent. The disappointing results were attributed to a fall in mainland Chinese tourists visiting the region, which also affected Hong Kong’s travel retail sector.

    L’Occitane has a strong presence in Hong Kong with 36 stores in the region.

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  • Hong Kong and Macau drag down Sa Sa International

    Hong Kong and Macau drag down Sa Sa International

    Hong Kong-listed beauty products retailer Sa Sa International says its retail and wholesale turnover fell 15.1 per cent in the last quarter.

    And in the Hong Kong and Macau markets, turnover tumbled 17.9 per cent for the quarter ended March 31, while same-store sales dropped 17.6 per cent.

    There were 5.2 per cent fewer transactions, with average sales per transaction sliding by 13.9 per cent.

    However, in other markets – including Mainland China, Malaysia, Singapore and Taiwan, and on its online store – trade was a shade more buoyant, easing just 2.8 per cent.

    Fourth-quarter retail sales in Hong Kong and Macau market continued their slide because of further impact by Mainland China’s new “one-trip-a-week” policy on the retail market. There was also weaker sentiment with a rise in outbound travel by locals.

    Responding to the slower market, Sa Sa will optimise product offerings and adjust sales strategies, says the group, which closed one store during the quarter. This was either in Hong Kong or Macau, but not specified in its report.

    Its total of 291 outlets comprises 113 in Hong Kong/Macau, 66 in Malaysia, 57 in China, 32 in Taiwan and 23 in Singapore.

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  • India discounts narrow as jewellers reopen shops after strike

    India discounts narrow as jewellers reopen shops after strike

    Gold demand in India improved this week as jewellery retailers reopened stores after a strike, but the world’s second biggest bullion market remained at a discount to the global benchmark as purchases across the region were curbed by higher prices.

    Indian jewellers went on an indefinite strike since the start of March in protest over the reintroduction of a sales tax on gold jewellery after four years. They started opening shops from last week.

    “Demand is better than last week, but it is lower than expected,” said Harshad Ajmera, the proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata.

    “We were expecting retail consumers’ rush as jewellery shops were closed for a long time. We couldn’t see that kind of rush.”

    Dealers were offering a discount of up to $8 an ounce to the global spot benchmark this week, down from a discount of up to $25 last week. The discount hit a record high of $53 an ounce in late February on weak demand.

    India’s gold imports in March slumped 80.5 percent from a year ago to $973 million, the government said earlier this week.

    “Gradually discounts will taper off and we could see market at parity or at premium by Akshaya Trititya,” said a Mumbai-based bullion dealer with a private bank.

    India will celebrate Akshaya Tritiya, the second-biggest gold-buying festival after Dhanteras, on May 9.

    For now, a rally in global gold prices has kept buyers away.

    The gold price hit a five-week high of $1,270.10 an ounce on Thursday, and was set to post a weekly gain of 1 percent. [GOL/]

    Dealers said they were seeing some investment demand for gold, though not robust purchases.

    “These prices are quite high for retail consumers so they are holding back,” said a bullion dealer in Hong Kong.

    “Banks and trading house are trying to reduce their gold inventory as there is no demand, so premiums are quite low,” he added.

    Prices in Hong Kong were at a premium of 50 cents an ounce to the global benchmark, their lowest since May 2015, traders said.

    In top consumer China, premiums were steady at around $1 to $2 an ounce. Tokyo prices were on par, with dealers reporting little demand. Singapore premiums also held near 50 cents.

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  • Chow Sang Sang and Luk Fook eye new move to boost holiday sales

    Chow Sang Sang and Luk Fook eye new move to boost holiday sales

    Jewelry retailers Chow Sang Sang Holdings (00116.HK) and Luk Fook Holdings 00590.HK) are said to be waiving the craftsmanship fee on their gold products in a bid to spur sales during the upcoming Labor Day holidays.

    The promotional period will last for six days until May 2 at Chow Sang Sang, and until May 4 in the case of Luk Fook, according to the Hong Kong Economic Journal.

    Chow Sang Sang’s Greater China general manager for retail operations, Lau Hak-bun, was quoted as saying that the move is aimed at addressing a slowdown in business.

    The jewelry retailer has seen a 20-percent decline in revenue during the first quarter despite a 10-percent bounce in gold prices.

    With the waiver of the craftsmanship fee, customers can save HK$400 to HK$1,000 on wedding bracelets, according to Lau.

    A slowdown in tourist arrivals from the mainland has affected Hong Kong’s retail sector, with luxury goods shops particularly feeling the pinch.

    Export sales of Swiss luxury watches fell 16.1 percent in March, with sales to Hong Kong tumbling as much as 37.7 percent, according to data from the Federation of the Swiss Watch Industry FH.

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  • BMW expects China sales to rise by single digit percentage

    BMW expects China sales to rise by single digit percentage

    BMW expects its car sales in China to rise by a mid-single-digit percentage this year, in line with the overall growth of the world’s biggest passenger car market, board member Ian Robertson said on Monday.

    Last year, BMW sold 460,000 cars in China, marking a 1.7 percent rise, said Robertson, who is responsible for marketing and sales.

    Growth is expected to accelerate once the long wheelbase BMW X1 is launched, helping BMW to increase the number of locally manufactured vehicles to six, Robertson said.

    BMW expects its sales in the United States and across the globe to rise by a single digit percentage this year, Robertson said.

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  • Tourism slump hits Burberry Hong Kong sales

    Tourism slump hits Burberry Hong Kong sales

    British luxury brand Burberry Hong Kong has seen its sales slide by more than 20 per cent for the third quarter in a row.

    The result reflects the continuing fall-off in tourist numbers to Hong Kong from China, including a 26 per cent drop in February.

    Burberry’s second-half sales results, just released, show a “challenging” environment for luxury, says CEO Christopher Bailey. Global comparable sales declined by 2 per cent, dragged down by Hong Kong and Macau. Global comparable sales excluding these regions actually edged up 1 per cent for the half.

    Burberry’s bright spots were Mainland China, Japan and Korea, which all saw positive growth. Japan, which has become a luxury shopping hotspot for Chinese tourists, had double-digit growth in total retail revenue.

    Sales also slowed down in Europe, as luxury shoppers from China avoided the region following the Paris terror attacks in November. Demand for Burberry goods fell in France, Germany, Italy and Spain amid a general sense of unease about security and fears of further terrorist attacks in Europe.

    However, it is not all doom and gloom for Burberry, says Verdict Retail analyst Andrew Hall, citing growth in online sales and the launch of the Mr Burberry fragrance. The success of Burberry’s fragrances has seen the brand’s beauty division achieve underlying growth of 10 per cent in the second half.

    “Furthermore, Burberry continues to be at the forefront of luxury fashion retail, making headlines with high-profile collaborations – for example, Steve McQueen – and sending waves across the industry as it shakes up the traditional fashion show timetable,” says Hall.

    “Burberry can certainly be proud of the hard-won successes, but long-term strategic leadership is needed to overcome the blows dealt by performance in some Asian markets. Until this is achieved, the good work will continue to be overshadowed by falling demand in Hong Kong and Macau.”

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  • Bata Indonesia sales stagnate

    Bata Indonesia sales stagnate

    Bata Indonesia says it has missed meeting its sales targets despite the nation’s improving retail sales.

    Sepatu Bata, the local arm of the European shoe giant, owns and operates stores across Indonesia and manufactures sandals and shoes under brands Northstar, Power, Bubblegummers, Marie Claire and Weinbrenner.

    The company reported sales of Rp 1 trillion in 2015, 10 per cent short of the Rp 1.1 trillion target it set when it announced expansion into the middle and upper income market segments.

    However the company still posted a profit of Rp 129 billion (US$9.7 million), up 81 per cent, on the back of an unspecified one-off asset sale which raised Rp 121 billion.

    Bata Sepatu’s cost of goods rose 19 per cent and overheads by 8 per cent.

  • GM Korea Posts Worst-ever Net Loss of 986.8 Billion Won in 2015

    GM Korea Posts Worst-ever Net Loss of 986.8 Billion Won in 2015

    According to industry sources on April 10, GM Korea reported 594.4 billion won (US$515.30 million) in operating losses and 986.8 billion won (US$855.48 million) in net losses last year. It is the worst-ever performance since its establishment in 2002.

    Industry watchers think that it is largely due to 186.9 billion won (US$162.03 million) of the equity method loss caused by its decision to shut its local factory following the withdrawal of the Chevrolet brand from Russia. GM Korea halted sales of the Chevrolet products in Russia last year.

    Last year’s poor performance is also attributed to the fact that the automaker had sold its mid-size sedan Cruze with a 1.8-liter engine for exaggerated fuel economy claims in the domestic market for five years. As GM Korea decided to pay Cruze owners up to 430,000 won (US$373) per person to cover the difference between the stated fuel economy and the actual one, the total amount of compensation reached as high as 37 billion won (US$32.08 million) last year.

    Moreover, higher labor costs despite the decrease in car sales also added to its worst-ever performance. The automaker shipped a total of 621,872 units at home and abroad last year, down 1.4 percent from the previous year. However, its labor union has strongly protested the company’s decision to continue importing all units of its full-size sedan Impala from the United States for sales in Korea despite strong sales at home.

    GM Korea is looking for various ways to improve its financial state. The automaker has decided to organize a special task force team with staffs across the company, including labor union and management, in a bid to prepare measures to revitalize sales in the local market. Starting in January, it has introduced a direct sales system that guides individual dealerships to sign direct contracts with the automaker unlike in the past when they were in touch with regional dealers. This change has simplified the overall retail structure of GM Korea and is expected to cut tens of billions of won of annual costs.

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  • Philippine 7-Eleven profits surpass 1 billion pesos

    Philippine 7-Eleven profits surpass 1 billion pesos

    The Philippine 7-Eleven network of convenience stores recorded record profits in  2015, fuelled by new store openings.

    Parent, listed company Philippine Seven, says it surpassed 1 billion pesos (US$22 million) in profits for 2015.

    The 15.4 per cent year-over-year profit rise came on the back of an increase in stores from 1282 in 2014 to 1602 stores in 2015.

    Philippine Seven said retail sales of all stores rose by 25.3 per cent  to P25.8 billion from P20.6 billion compared with prior year.

    The company has been expanding its logistics infrastructure to support its

    unprecedented expansion in Visayas and Mindanao.

    “The rest of the country is relatively uncontested in comparison. We are virtually the only competitor with the critical mass to build out proper supply chains in areas logistically unreachable from GMA,” said Jose Victor Paterno, president and CEO.

    The expansion is  expected to support profitability in the medium term, through cashing in on underutilized warehouses and achieving dominant position in new markets.

    For 2016, the company plans to increase  capital expenditures budget to P3.5 billion to support its accelerated store expansion strategy. The bulk of this amount will fund new store openings, store renovations and equipment acquisition.

    Philippine Seven Corporation operates the largest convenience store network in the country. It acquired the master franchise licence from Southland Corporation (now Seven Eleven) of Dallas, Texas, in December 1982 and was listed in the Philippine Stock Exchange in February, 1998.

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  • Robinsons Philippines income jumps 21.9 per cent

    Robinsons Philippines income jumps 21.9 per cent

    Robinsons Philippines has reported a 21.9 per cent increase in net income in 2015 to P4.3 billion ($90 million) on the back of same-store sales growth and sales from newly opened stores.

    Same-store sales growth for Robinsons Retail Holdings grew 4.1 per cent in 2015, exceeding the 2-3 per cent consolidated same-stores sales target for the year.

    The company’s consolidated net sales reached P90.9 billion last year, up 13 per cent from P80.4 billion in 2014.

    The retail holding firm of the Gokongwei group reported opening 2015 with 179 new stores and ended the year with a total of 1506 stores.

    “I am heartened by the strong same-store sales growth performance of all our retail formats in 2015, despite the intensifying competition,” Robinsons Retail President and CEO Robina Gokongwei-Pe said.

    “We have also gotten into a good start this 2016 with solid same-store sales growth for the first two months of the year as we benefited from increased consumer spending from a still robust domestic economy. We will continue with our footprint expansion, with focus on areas outside Metro Manila,” Gokongwei-Pe said.

    The opening of new stores expanded the company’s gross floor area by 9.7 per cent year-on-year, the company said.

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  • PGI: Platinum Jewellery Weathers Difficult Conditions Favorably in Key Markets

    PGI: Platinum Jewellery Weathers Difficult Conditions Favorably in Key Markets

    Platinum Guild International (“PGI”) today published the findings of its third annual Retail Barometer. The Barometer, conducted by independent platinum market experts and industry analysts, reveals the consumer retail sales data of platinum jewellery in 2015 and projections for 2016. It is the only research in the industry that measures sell-out, i.e. platinum ounces sold from retailers to consumers.

    The Retail Barometer gives a unique view of platinum demand from retail sales. Platinum jewellery is the second largest consumer of platinum in the world after the autocatalyst market.

    The research survey covered over 400 jewellery retail companies with approximately 23,000 retail outlets in the four main international markets of China, India, Japan and the USA. The research was conducted between January and February 2016.

    Huw Daniel, Chief Executive Officer of PGI, commented, “Despite manifold challenges in the luxury category and a difficult year for jewellery in general, jewellery retailers vested in platinum have weathered the storm ahead of their peers. The historically low platinum metal price has benefitted consumers and retailers alike, presenting a unique opportunity to acquire the most aspirational fine jewellery. Even China, the biggest market for platinum jewellery, shrank to a much lesser extent than other jewellery sectors. Both China and India remain key development markets for platinum jewellery which we will further grow ahead of the market average, leveraging successful programs and new launches.”

    Tim Schlick, Chief Strategy Officer of PGI, commented, “The jewellery industry is at a point where future growth comes from either conquest of market share or unlocking untapped consumer segments. PGI and our partners feel confident that having initiatives that provide both will continue to give us a competitive edge, as consumers increasingly seek quality and differentiation.”

    China
     China’s economic growth in 2015 was slowest in 25 years at 6.9%. The slow-down reflects an adjustment towards a consumption-based economy, which bodes well for future growth in platinum jewellery. Retail witnessed a year of fluctuation, however the growth in the H2 didn’t counter the decline in H1, resulting in a modest platinum jewellery volume decline of -4% for the whole year

    • The bridal segment continued to grow moderately despite the overall decline in jewellery consumption — in addition to pair rings and engagement rings, bridal platinum jewellery saw growth in other jewellery products, such as necklace and bracelet, which were typically purchased as a set along with the wedding rings.

    Based on initial retailer outlook, PGI expects to see a flat year of virtually no growth, or even a modest decline of 0% to -3%.

    India
     The Indian economy was also impacted by the global slow down, although consumer spending at a macro level increased slightly. Platinum Jewellery volume grew 24% in 2015, driven by increasing acceptance of platinum as the choice of the young aspiring urban consumer. Platinum saw increases across the board from Platinum Love Bands, Men’s Jewellery, and the new Evara Platinum Blessings, which marked platinum’s entry to the key wedding category in 2015.

    For 2016, PGI and retail partners expect continued growth of +23% — retailers expect platinum to continue outperforming the category average.

    Japan
     Japan’s economy is working to maintain modest recovery leading up to the 2020 Olympics with a GDP growth of 0.6%. The exceptionally warm winter benefitted jewellery and record numbers of inbound tourists benefitted metropolitan retailers and service providers, especially department stores and non-bridal. Platinum jewellery sales outperformed total jewellery, and platinum jewellery volume increase 2.7% in 2015.

    For 2016, retailers are nervous about economic outlook, but expect growth rate of +1% to +2% in platinum jewellery volume.

    USA
     The US economy has been further recovering and growing moderately at 1.9% in 2015 with overall retail growing in line with the GDP growth rate. Platinum jewelry imports experienced sharp increases in 2015, while retail demand increased +10%.

    For 2016, PGI expects platinum to continue to benefit from the positive 2015 momentum, in particular if the ounce price remains low, resulting in an expected volume growth rate of +5% to +7%.

     

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  • Asia gives Jimmy Choo an unlikely boost

    Asia gives Jimmy Choo an unlikely boost

    While a majority of luxury fashion retailers are blaming Asia for declining sales and failing to meet profit projections, Jimmy Choo has confounded the market by praising the continent.

    Jimmy Choo has reported sustained growth in far eastern markets to deliver 6.1 per cent revenue growth for 2015, to £317.9 million.

    “Whereas other players such as Burberry have faltered with declining Chinese demand, Jimmy Choo has been able to deliver impressive revenue growth across Asia,” notes Andrew Hall, an analyst atVerdict Retail.

    “The brand’s relative immaturity in these markets has helped to shield it from the decreasing demand and a stuttering economic slowdown in the region. Investment in new store openings and plans for new flagship stores across Asia sets Jimmy Choo apart from its rivals and will continue to reap rewards for the brand.”

    Jimmy Choo’s Asian sales rose a staggering 21.2 per cent, more than enough to offset a 2 per cent decline in sales in Europe, Middle East and Africa.

    The company reported a pre-tax profit of £22.1million, a significant turnaround on the 2014 loss of £8.2 million. It opened 13 new stores.

    In an earnings statement, Jimmy Choo said its Asian business in Asia and Japan is growing well.

    “We see significant opportunities to maintain this outperformance in the years ahead. Despite challenging market conditions, we expect continuous operating efficiencies and the dynamism and flexibility of our teams to enable us to drive margin expansion and continue the reduction in leverage and financing costs.”

    Said chairman Peter Harf: “Jimmy Choo continues to outpace the sector despite the challenging competitive environment. The company successfully reversed the first half decline in wholesale revenues and remains on track with growth forecasts in Asia and Japan where brand awareness continues to grow strongly.”

    However, Hall warns that Jimmy Choo is far from immune to the geopolitical situation: the decline of Russian luxury consumers in Europe, attacks in Paris deterring European consumers, and the weakening of the euro have contributed to disappointing performance in EMEA.

    “While the brand has achieved an operating margin of 9.4 per cent, compared to 8 per cent last year, the shoe specialist must be wary of creeping costs as it not only pursues store expansion but invests in omnichannel capabilities and continues to develop a strong social media presence,” said Hall.

    “Creative Director Sandra Choi has led a strong year of product design, building upon Jimmy Choo’s British identity to produce seasonal ranges which continue to resonate with consumers across the globe. While attempts to embrace the male market remains a difficult nut to crack, the development of stores aimed at both genders and the strength of new fragrances has seen the brand make headway into capturing a male demographic.”

    Hall said Verdict expects Jimmy Choo to continue to outperform the luxury sector in Asia giving it another year of solid total revenue growth.

    “However the Chinese market remains volatile and Jimmy Choo should be wary of putting all of its eggs in one far-eastern basket as its grip on European markets loosens.”

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  • Disappointing year for Matahari Putra Prima

    Disappointing year for Matahari Putra Prima

    While the net income of Indonesian grocery retailer Matahari Putra Prima (MPPA) was below expectations, it recorded slightly improved revenue and sales for the year ended December 31.

    Its revenue was Rp13.9 trillion ($US2 billion), with sales up 2.5 per cent from Rp13.6 trillion in 2014. Its net income came in at Rp183 billion, giving it an operating profit of Rp268.8 billion, or 1.9 per cent of sales.

    CEO Noel Trinder says that despite the economic difficulties, the group continued its strategic direction of expanding business through new or enhanced formats.

    As well as continuing its Hypermarket G7 rollout, Matahari PP also revamped its Foodmart and Bostonformats, and launched the SmartHub and FMX concept debuts formats on the wholesale side.

    MPPA opened 33 outlets during the year, and now has 293 multi-format stores. Four G7 stores opened, and eight stores were remodelled to the concept.

    One of Indonesia’s largest retailers, Matahari PP has more than 30,000 employees in 112 hypermarkets, 23 supermarkets (Foodmart and Primo/Fresh), 49 minimarket/convenience stores (FMX), 108 health and beauty stores (Boston) and its wholesale outlet (SmartClub).

    In total, it has 293 stores in 68 cities throughout Indonesia.

  • Hong Kong’s retail sales plunge most in 17 years

    Hong Kong’s retail sales plunge most in 17 years

    Hong Kong’s retail sales in February plunged the most since 1999 as fewer Chinese tourists visited the territory during the Lunar New Year holiday.

    Retail sales dropped 21 percent in February to HK$37 billion (US$4.8 billion) year-on-year, according to a statement from the Hong Kong’s Department of Statistics.

    Combining January and February, sales fell 14 percent. The monthly decline is the worst since January 1999 when sales were also down 21 percent.

    “Apart from the severe drag from the protracted slowdown in inbound tourism, the asset market consolidation might also have weighed on local consumption sentiment,” the Hong Kong government said in a statement yesterday. “The near-term outlook for retail sales will still be constrained by the weak inbound tourism performance and uncertain economic prospects.”

    The government will monitor closely its repercussions on the wider economy and job market, it said.

    Chow Tai Fook Jewellery Group, the world’s largest listed jewelry chain, and Sa Sa International Holdings reported slumping sales over the holiday from Feb. 7 to Feb. 13 when Chinese tourists to the territory dropped 12 percent.

    The stock market rout and a slowing Chinese economy have affected consumer sentiment for luxury goods, Chow Tai Fook has said.

    Mainland China tourists “are unlikely to come back in the short term,” CCB International Securities analyst Forrest Chan said.

    Hong Kong residents are also consuming less due to stagnant property values and the weak stock market, he said.

    “Hong Kong’s retail market will continue to fall for the rest of 2016 as all the negative factors won’t be solved in the near term,” Chan said in a telephone interview.

    Chinese visitors are projected to fall 3.2 percent for the year, according to the Hong Kong Tourism Board, with average spending dropping 4 percent to HK$6,948.

    Sales of jewelry, watches and clocks, and valuable gifts dropped 24 percent, while those of electrical goods and photographic equipment plunged 27 percent, according to yesterday’s statement.

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  • Will Hong Kong retail market, like Jesus, rise from the dead?

    Will Hong Kong retail market, like Jesus, rise from the dead?

    Spring is here, but our struggling retailers have yet to notice its arrival.

    Last week Li Ka-shing said the economy this year is the worst in 20 years, especially in the case of the retail market, which is facing a situation that is worse than SARS in 2003.

    It’s nice to know, though, that while Cheung Kong is grumbling, rival Sun Hung Kai Properties has come up with a way to cope with the situation.

    At its trendy shopping mall APM in Kwun Tong, Hong Kong’s No. 1 landlord is introducing short-term tenancy.

    Six shops of between 100 square feet and 300 square feet will be coming on stream for tenancy of no more than six months, says Maureen Fung Sau-yim, general manager (leasing) of Sun Hung Kai Real Estate Agency.

    Fung says the tenancy will involve a new profit-sharing system, in which 10 to 12 percent of the sales will be taken as rental.

    This new deal is breaking away from the traditional three-year lease where retailers have to pay 20 percent of their sales to the landlord.

    Landlords are adjusting their leasing strategies in the wake of the poor retail sentiment brought about by slowing tourist arrivals.

    Swire Properties, for example, is terminating the leases of underperforming tenants such as Dan Ryan and Grappa’s (and before that, the beloved of the middle class Marks & Spencer) as part of efforts to transform Pacific Place in Admiralty.

    From the tenants’ side, gold, jewelry and luxury watch shops, along with pharmacies or cosmetics outlets, are giving their spaces back to food stalls and other small operators who previously could not afford the high rent.

    Kowloon Watch, for example, has just closed its store at a shopping mall near my residence, its fifth closure in the past 12 months, leaving only seven shops in operation.

    The short-term tenancy seems the most logical strategy in the new business climate. Some trendy retailers, such as Bathing Ape, which used to draw long queues for its limited edition products, will be perfectly suited for this flexible scheme.

    In the first three months, visitors to APM surged over 10 percent to 27 million with sales topping HK$900 million, according to Fung.

    This coming Easter, the mall will be spending an advertising budget of HK$2.3 million, up 10 percent from the previous year, in anticipation of a huge wave of visitors, especially those coming from the Kai Tak Cruise Terminal.

    Hopes are high that the local retail market, like Jesus Christ, can rise from the dead after its extended crucifixion.