Cosmetics Chain Sa Sa Plans Asia Expansion to Escape HK Slump [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
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Source: BNN Bloomberg
Sales in Hong Kong and Macau may remain around 70% of pre-Covid levels even after three years, Sa Sa Chief Financial Officer Danny Ho said on Bloomberg TV Friday. While Chinese visitors — the biggest source of Hong Kong's tourism — have started to return and spend in the city, numbers are still low, Ho said. “While the China economy is the way it is, that will drag on.” Once a bustling tourist shopping destination, Hong Kong's retail landscape has undergone a sea change after years of political turmoil and Covid closure. The city's tourism is facing increasing pressure from the rise of rivals including tax-free island Hainan and casino hub Macau, while millions of local residents are flocking to neighboring Shenzhen on a weekly basis for shopping and entertainment. Sa Sa, Hong Kong's biggest cosmetics chain, reported lower-than-expected earnings for the year ended March 31, prompting Citigroup Inc. to revise down its profit estimates for the next two years. While profit jumped
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C
Earnings
- 4/12/24 - Beat
C
Sec Filings
- 6/27/24 - Form 424B2
- 6/27/24 - Form 424B2
- 6/27/24 - Form 424B2
- C's page on the SEC website