Hongkong Tide Brand I.T Hong Kong And Macao Sales Decline 33.3%

A few days ago, Hongkong tide brand I.T released its third quarter earnings report. In the three months ended November 30, 2019, the same store sales in Hongkong and Macao in China decreased by 33.3% year-on-year; the same store sales in mainland China decreased by 5.2%; the sales in the same stores in Japan and the United States decreased by 6.1% annually. The gross profit margin of the group dropped to 62.3%, the gross profit margin in Hong Kong and Macao was reduced to 58.6%, the gross profit margin in mainland China increased to 61.5%, and the gross profit margin in Japan and the United States was 69.5%.

In the nine months ended November 30, 2019, I.T sales in Hongkong and Macao decreased by 33.3%, while sales in the same store in China dropped by 5.2%, while sales in Japan and the United States decreased by 6.1%. In the nine months ended November 30, 2019, sales in the same store in Hongkong and Macao declined by 14.6%, while sales in the same store in mainland China increased by 1.6%. Sales in the same stores in Japan and the United States remained unchanged from last year.

I.T group said that Hongkong and Macao businesses were negatively affected by recent social unrest and the resulting decrease in arrivals, and the same store sales growth seen in the division declined. The gross profit margin of the Division also declined compared with the same period last year, mainly due to the additional discount activities. The decline in mainland China is mainly the discount activities under the control of online and offline sales in this area. As for the Japanese and American branches, sales of passengers dropped, especially those from mainland China. The decrease in arrivals is due to a number of factors, including the depreciation of the renminbi and the continuing tension between China and the United States.