Stelux beats other retailers with stellar Golden Week sales

Sales at City Chain and Optical 88 increased 13% and 12% respectively.

Here's more from DMG:

Strong Golden Week sales. During the recently concluded Golden Week holiday, sales at: i) City Chain recorded a 13% y-o-y growth in both HK/Macau and China and ii) Optical 88 recorded a 12% and 18% y-o-y increase in HK/Macau and China respectively.

Amongst the best performing HK retailers. Stelux’s Golden Week sales performance has beaten all its watch & Jewellery peers. For example, Luk Fook, announced a 35% drop in SSSG over the same period. According to the HKTB, despite the number of mainland visitors reaching an all time high of c.1 million, mainland visitors have turned more cautious on their spending and are now spending HKD5,000-HKD6,000 per trip, 25% below last year’s level.

Stelux’s low to mid end positioning has helped the group to increase sales amidst the current slowdown. With the average spending per customer of HKD1,700, we believe Stelux’s products are well positioned to further benefit from China's still growing middle class demand.