Sa Sa's sales in Hong Kong up 19.5% during the Golden Week

Sa Sa's sales outperformed relative to those of its retailer peers, says Barclays.

Here's more from Barclays:

Sa Sa's sales in Hong Kong/Macau during the Golden Week rose 19.5% y/y with same store sales (SSS) up 12.4%. Although the growth rates were lower than those for the month of August, which saw sales growth and SSS growth of more than 20%, this was still strong growth, and we believe Sa Sa's sales outperformed relative to those of its retailer peers (in other product sub-segments) during Golden Week in Hong Kong.

We remain comfortable with our Sa Sa forecasts for 19% group revenue growth and 17% earnings growth for 2013 given the lower margins from some rental pressure, partially offset by gross margin improvement.

We believe Sa Sa's revenue momentum in Hong Kong/Macau will hold up from the continued strong growth in same-day visitors from the Mainland. While the lower average spending per visitor negatively impacts high and luxury retailers, we believe Sa Sa would be relatively less impacted.