Japanese department store operator Jusco Stores (Hong Kong) has ridden out the retail slump and outperformed its rivals by posting a 35 per cent jump in first-half attributable profit to $25.37 million. A $13.46 million exceptional loss was incurred by the launch of its 100 million yuan (about HK$93.1 million) Guangzhou Teem Plaza store which opened in June and in which Jusco has an 80 per cent stake. The strong result was achieved in one of the toughest retail markets the territory has experienced. Close rival Yaohan Hong Kong Corp saw losses widen to $165.4 million from $46.8 million a year earlier. An interim dividend of 3.5 cents was recommended against three cents the previous year. Turnover rose sharply to $964.84 million from $676.93 million, up 42.53 per cent. Despite Jusco's strong performance, managing director Tatsuichi Yamaguchi warned the sluggish retail market in the territory would prevail until the end of 1997. Mr Yamaguchi attributed the profit rise to close cost control and an increase in the use of part-time workers.
