Retail in Asia

In Sectors

Operator of HK convenience store Circle K sees profits up

Convenience Retail Asia – the operator of Circle K stores and Saint Honore bakeries in Hong Kong – saw first quarter net profit rise by 143.3 percent to HKD33.8 million (USD4.3 million) compared with the previous year, including a one-off property disposal worth HKD15.8 million (USD2 million). Revenue rose 1.7 percent year on year to HKD814.8 million (USD104.7 million), while same-store sales in Hong Kong edged up 1.1 percent.

Same-store sales came under pressure last year as a result of the government’s plastic-bag levy introduced in July, but conditions should improve this summer as the World Cup boosts sales of snacks and drinks from convenience stores among football fans.

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(Source: scmp.com)