Sa Sa International (0178) posted its retail sales in Hong Kong and Macau plunged by 62 percent for the quarter ended March amid the Covid-19 pandemic. The cosmetic retailer said its same-store sales dropped by 59.6 percent year on year in the two cities, mainly attributable to an 80.8 percent decline in the number of transactions of the mainland tourists. The number of local customers increased by 4.1 percent in the quarter, however, the overall transaction volume decreased by 43.4 percent. The average sales per transaction of local customers dropped by 19.9 percent, while that of mainland tourists rose by 2.8 percent. The company will continue to downsize its store network in Hong Kong and request short term rental concessions from landlords where leases are yet to expire, it said.

Source: The Standard April 15, 2020 10:07 UTC