Retail in Asia

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HK: Lifestyle Int’l upbeat but wary amid global concerns

Lifestyle International Holdings, operator of Hong Kong’s Sogo and mainland China’s Jiuguang department stores, remains cautiously optimistic on the retail market this year after posting a 23.2 percent increase in net profit to HKD1.14 billion (USD146.9 million) last year. This was achieved on record turnover from its department store chain of HKD3.76 billion (USD484.6 million), up 6.7 percent on 2008.

Managing director Thomas Lau Luen-hung said sales proceeds had declined in the first half of last year due to the financial crisis but rebounded in the second half to achieve double-digit growth.

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