Retailers defy competition to record healthy profits
Three local retailers - Dickson Concepts, Lane Crawford and Wing On International - released full-year results yesterday that revealed signs of a let-up in the two-year slump - although the sector remains highly competitive.
Wing On reported a $286 million net profit after making a $101 million loss last year.
Excluding an exceptional gain, operating profit at Dickson Concepts rose 23 per cent to $635 million, on a turnover 31.9 per cent higher. At Lane Crawford, operating profit fell almost 84 per cent to $2.7 million, while sales fell to $1.76 billion from $1.79 billion.
The company is still recovering from its ill-fated attempt to enter the Singapore market.