Xie Ruilin earn 49% to pay more than four percent of gold week Hong Kong same-store sales growth double-digit

This year, the retail market in Hong Kong improved, with Xie Ruilin (00417) announcing that the net profit for the period ended August ended 17.77 million yuan, up 48.9% year on year. The basic profit per share was 7.1 cents. The medium-term interest rate increased by 4% To 2.1 cents. Vice Chairman and Chief Strategy Officer and Chief Financial Officer Wu Qiqin said that in the past six months there were street rents to be reduced by 60%, but it was not expected that there would be any further reductions. Chairman and Chief Executive Officer Xie Qiu An Yi estimated that the retail market in Hong Kong No explosive growth point.

Xie Ruilin shares yesterday closed at 2.72 yuan, down 6.21%, turnover of 796,500 yuan.

The proportion of sales of gold and dragged down the gross margin

The turnover of the retail business in the Mainland fell by 1.7% and the same-store sales decreased by 3.1%; the gross margin declined year-on-year. The turnover of the retail business in Hong Kong and Hong Kong decreased by 2.5% 7.5 percentage points to 41.1%, Xie Qiu An Yi explained that mainly due to the increase in the proportion of gold sales, coupled with the increase in the number of low-margin franchise stores, the overall gross margin affected.

For the second half of the fiscal year coincides with the Lunar New Year, for the gold sales season, or make gross margin under pressure, Xie Qiu An Yi that gold sales rise is not negative, but also to enhance the flow of people and drive jewelry business opportunities.

As for the 11 Golden Week business performance, Xie Qiu An Yi said that Hong Kong same-store sales recorded double-digit growth, mainly benefited from the ideal sales of gold products. She expected that the retail market in Hong Kong had been stuck, but there was no explosive growth point, the future of the retail market cautiously optimistic.

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Xie Ruilin recently opened two new shopping malls shop, currently in Hong Kong a total of 32 stores. Xie Qiu-yi said that in the past 1 to 2 years to shop in the main shopping malls, shopping malls shop in the local customers than the street shop ideal, so far shops and street shops each half, the future shop strategy still depends on the market, lots, rent , Did not deliberately increase the proportion of shopping malls shop.

Wu Qiqin said that its shop lease is generally 3 years, about one-third of a year shop need to renew the rent, the past six months have been reduced by six percent of street rents, but the expected street rents may not have a large reduction.

For the same store sales in the Mainland by 3.1%, Wu Qiqin pointed out that in recent years, the mainland department store to see the flow of people and business is not ideal, so two years ago has begun to department store branch to the mall, but the “shop shop” benefits may not be In the short term, there are 14 shopping malls in the Mainland and 60 in the fiscal year. In addition, she revealed that the current domestic stores and franchisees were 197 and 160, the future expectations of seven three ratio.