19 Jun 2023
Sa Sa announced March-ended FY23 results, with revenue increased by 2.6% YoY to HK$3,501m, driven by the YoY growth of 8.7%/ 43.8% in the HK & Macau / SEA business to HK$2,603m/ HK$372m, but the growth was largely offset by the 31.3% YoY decline in Mainland China. Breaking down the business in HK/Macau, 1) offline sales was up by 17.4% YoY to HK$1,737m, thanks to the provision of Consumption Voucher Scheme in April, August and October in 2022 which bolstered local consumer spending, and the return of tourists in the FY4Q22. As for Macau, its FY23 offline sales still declined by 13.2% YoY to HK$636m despite its strong 70.5% YoY growth in FYQ422 due to pandemic in the first 3 quarters; 2) online sales of HK & Macau rose by 26.4% YoY to HK$231m as consumers continued to adopt the new retail formats during the pandemic, which brought Sa Sa’s online penetration rate in HK & Macau to 8.9% in FY23 from 7.6% in FY22 (Pre-pandemic: 0.1%).