Lifestyle International Holdings 2022 interim results
What: Lifestyle International’s 2022 interim results show decreased revenue and gross sales numbers caused by continued closures in the wake of the fifth wave of COVID-19. For the period under review, the Group’s total gross sales proceeds dropped by 11.7% and revenue decreased by 12.8%
Why it is important: Consumer confidence severely affected by continued health restrictions, economic contraction and labour market issues has created a daunting operation environment for Lifestyle International Holdings.
Foot traffic naturally fell because of discouraged consumers, lowering sales for the SOGO flagship and SOGO Tsim Sha Tsui. The group maintains a sober pessimism about the market in Hong Kong. And the board of directors has decided to exclude the payment of an interim dividend.
The group will continue developing omnichannel strategies with increased digital focus to respond to the changing retail landscape.