Stelux expects net loss to increase

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Watch and optical retailer Stelux Holdings International Ltd. expects its interim net loss to widen amid the economic downturn, according to its filing with Hong Kong Stock Exchange on Wednesday.
‘The Group is expected to record an increase in loss attributable to equity holders of the Company for the six months ended 30 September 2016 as compared with that for the same period in 2015,’ the retailer wrote.
It explained that the expansion in net loss is due to the drop in turnover and gross profit caused by ‘persistent weak retail sentiment and cautious consumer spending as a result of overall economic downturn’.
The company is operating its retail business under the brands City Chain and Optical 88 primarily in Greater China, including Macau and Hong Kong.
For the same period of last year, the retailer fell into the red, posting a net loss of HK$33.1 million (US$4.1 million) compared to a profit of HK$105.2 million one year before.