SAR sales drive Bossini revenue

Despite seeing a 12 per cent year-on-year drop in total revenue for last year, the Macau and Hong Kong stores for retailer Bossini International Holdings Ltd. propped up the group’s worldwide sales, according to its filing with the Hong Kong Stock Exchange yesterday.
With total revenue amounting to HK$712 million (US$88.7 million) for the two SARs and operating profit from the segment totalling HK$49 million, the group singled out the cities, noting that they ‘continued to be the major source of revenue,’ for the group.
Overall, Hong Kong and Macau contributed 69 per cent of the company’s total revenue despite ‘declining visitors, especially from Mainland China, with weak retail sentiment still lingering’.
Total revenue for the group in the year amounted to HK$1.02 billion, while profit for the company amounted to HK$16.9 million.
Same-store sales in the two SARs saw a 6 per cent sales drop year-on-year, as compared to 2 per cent year-on-year drops seen in the Mainland and Taiwan, while Singapore’s dropped 8 per cent year-on-year. Overall same-store sales for the group fell 6 per cent compared to 2015.
The group points to the decline in oil prices as paralleling a ‘similar decline’ in the group’s operating profit ‘as the export franchising business in the region slowed to a comparative crawl,’ notes the filing.