Retail in Asia

In Sectors

HK’s Lifestyle bullish after 34pc jump in profit

Lifestyle International, the operator of Hong Kong’s Sogo and Shanghai’s Jiuguang department stores, expects the retailing sector in Hong Kong to outpace that of mainland China this year with a strong growth in consumption sales.

The largest operator of department stores in Hong Kong said on Monday net profit last year jumped 34 percent to HKD1.89 billion (USD243.7 million). Turnover grew 18.9 percent to HKD5.13b.

Managing director Thomas Lau Luen-hung said the overall sales performance of the company’s Hong Kong stores recorded good growth in the first two months of this year, which would be able to continue throughout the year.

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(Source: scmp.com)