Zero Sales Growth In Same Store In Hongkong In The First Quarter Of I.T2016

Weakness in Hongkong's retail sector is still seriously affecting the region.

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I.T, a fashion retailer group, recently announced its first quarter results in May 31st as of May 31st. Local sales in the same store only gained zero growth.

I.T believes that I.T is still in a difficult operating environment this year, especially in Hongkong.

The data released by the group show the same store sales and gross margin increase in the three main operating markets of Hongkong, the mainland and Japan.

Compared with the same period last year, Hongkong's same store sold zero growth, while the mainland and Japan grew by 6.6% and 32.9% respectively.

The gross profit margin of the group increased by 0.3% to 62.8%, and the mainland market fell 1.2% to 61.5%.

I.T group said that in the context of macroeconomic instability and the decline in the number of visitors to Hong Kong, it is not easy to maintain the same store sales.

In the case of economic easing, the I.T market is optimizing sales growth in the mainland market.

Value and brand awareness.

Japan has benefited from rising passenger numbers and continues to perform well.

The I.T group's performance in May showed that Hongkong's first loss in the I.T group has been in the market for the first time in 11 years and has reached HK $72 million 700 thousand in the past 11 years, due to the adverse sales, the three consecutive years of backsliding of operating profits and high rents.

Previously, the Hongkong market operating profit amounted to HK $142 million 100 thousand.

I.T group revealed that the continued rise in costs led to continued pressure on operating profits.

The business environment of the group is still not optimistic, especially in Hongkong.

Industry analysts believe that the good momentum of the I.T group has been difficult to maintain, and with the further development of the mainland market and the continued downturn in the Hongkong market, the group's main source of income will probably move from Hongkong to the mainland.