BRIEF: International Housewares interim profit falls more than 30%
Home furnishings retailer International Housewares Retail Co. Ltd. (1373.HK) said on Tuesday its profit for the first half of its fiscal year through October fell by 31% to 38% year-on-year from HK$50.8 million ($6.53 million) in the year-ago period. Based on that information, the company earned a profit of between HK$31.5 million and HK$35 million in the six-month period. It added its revenue fell 4% over the same period.
The company attributed the declines mainly to a shift in Hong Kong consumer behavior, with an increase in travel abroad and purchases of products from the Chinese Mainland. That resulting shift hit spending in the local retail market.
International Housewares operates the JHC chain of stores, which had 376 branches in Hong Kong, Singapore and Macau at the end of April this year. The company’s stock was down 4.7% late in the Wednesday morning trading session in Hong Kong.
By Lau Chi Hang
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