Embry Holdings (01388) said overall sales of the Group for the first three months of 2017 dropped about 3% as compared to the same period of last year, with the overall sluggish retail sentiment and the depreciation of Renminbi.
For stores that had been in operation for more than 15 months, same store sales recorded a single-digit decline year-on-year. The number of retail outlets net increased by six by the end of the reporting period as compared to the end of December last year. As at the end of March 2017, there were a total of 2,073 retail outlets, comprising 1,877 concessionary counters and 196 retail shops.
Since the Group has been in the process of adjusting its sales network, the Group expects a negative growth in the number of retail outlets in 2017. The Group will continue to close stores with lower efficiency during 2017 to enhance overall operational efficiency.
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