Intime Department Store Recorded A 4.1% Decline In The Same Store Sales In The First Half Of The Year.

INTIMERetail (Group) CompanyLimited. (1833.HK)

Business group released its first half results on Wednesday, ending the first half of June 30th, and the positive growth of Yintai commercial group's sales and sales in the same period last year turned negative growth, indicating that China's economic growth slowed down and the consumer sentiment was low.

In the first half of the year, the sales of intime business in the same store recorded a 4.1% decline, compared with a 2.1% increase in the same period last year. Sales also fell 2.5% to 7 billion 739 million 800 thousand yuan (hereinafter referred to as the yuan), while the group's sales increased by 5.3% during the same period last year.

Yintai, the earliest Yintai department store in Hangzhou, sold 975 million 800 thousand yuan in the first half of the year, down 6.9% from 1 billion 47 million 700 thousand yuan in the same period last year, and fell below 1 billion yuan.

More than half of the 43 stores in the 45 stores opened for more than a year have dropped, and most of the sales growth has been concentrated in the new shops in the past two years. The highest decline is in the Tangshan store in Hebei, reaching 37.8%. The number of stores in the Zhejiang headquarters of the group headquarters has declined in double figures.

Due to traditional retail, especially the middle end

Economic downturn in recent years

In competition, Shen Guojun's family has changed its major shareholder to AlibabaGroupHoldingLtd. (NYSE:BABA) Alibaba group in March 2014. Shen Guojun himself also withdrew from the executive level of the group.

At the end of last month, Alibaba formally exercised its shareholding, which would hold 27.90% of the total holdings of Yintai, while the Shen Guojun family's shareholdings fell from 21.87% to 17.56%.

Despite the weakness of retail sales, Yintai's rental income rose by 20.6% in the first half of the year to 413 million 400 thousand yuan, with a 8.3% increase in rental income.

On Wednesday, INTIMERetail (Group) CompanyLimited. (1833.HK) Yintai business reported HK $6.02, down 0.33% worldwide.