Le Saunda Holdings Limited Announces Unaudited Sales Results for the Three Months Ended 28 February 2017; Provides Earnings Guidance for Fiscal Year 2017
Based on the unaudited consolidated management accounts, the Board expects that the consolidated profit of the Group for the financial year 2016/17 may decrease by approximately 35% - 40% comparing with the last year primarily attributable to the significant decrease of retail sales for the fourth quarter of financial year 2016/17, which was a traditional peak period of retail market and it was also a main revenue and profit making season for the Group. The significant decrease of retail sales was a result from the substantial increase in off-season product sales ratio comparing with the last year, as it was the Group's objective to clear up off-season inventory in order to minimize the potential inventory pressure as well as to maintain a strong and healthy cash and bank position in this uncertain sluggish retail market.