Business | Economy
Lifestyle sees moderate sales growth
Lifestyle International Holdings Ltd., Hong Kong's largest department-store operator, forecast "moderate" sales growth for the rest of the year after boosting first-half profit 42 per cent.
- Bloomberg
- Published: 23:22 August 11, 2008
Hong Kong: Lifestyle International Holdings Ltd., Hong Kong's largest department-store operator, forecast "moderate" sales growth for the rest of the year after boosting first-half profit 42 per cent.
"Management takes a cautious view on the outlook of the retail market in the second half of 2008 in Hong Kong and other China cities," Managing Director Thomas Lau said in a statement on Monday.
The company, which runs two Sogo stores in Hong Kong, fell 2.9 per cent to HK$11.56 at 3:14pm in trading in the city.
Hong Kong's retail sales growth slowed for a third month in June as a stock market decline and higher costs for food, fuel and housing damped consumer sentiment.
China's economy grew 10.1 per cent in the second quarter, the slowest pace since 2005.
Lifestyle boosted first-half net income to HK$606.3 million ($78 million) from HK$427.1 million a year earlier.
Sales climbed 20 per cent to HK$1.7 billion. The retailer booked a HK$130.3 million gain from the revaluation of investment properties in China.
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