Officiated by the executive members of Galaxy Entertainment Group (“GEG”), a traditional Chinese New Year Ceremony was held at Galaxy Macau with a dragon and lion dance performance.
GEG Executives participated in the traditional ceremony and ritual at StarWorld Hotel, wishing Macau an auspicious Year of the Goat.
Prada jumps in Hong Kong as sales recovery seen in 2015
Prada SpA jumped in Hong Kong trading amid expectations same-store sales growth will speed up this year, after it reported a slight fall in full-year sales as fewer Chinese splurged on USD2,950 handbags and other luxury products.
Prada shares climbed 3.9 percent to HK$44.25, the highest close in two weeks. They rose as much as 6 percent earlier yesterday. The benchmark Hang Seng Index was little changed.
“We expect a re-acceleration in retail same-store sales growth and greater operating leverage,” Citigroup Inc. analysts led by Thomas Chauvet wrote in a note yesterday, referring to outlets open at least a year and citing factors including more moderate space growth, signs of turnaround at the Miu Miu brand, the Prada brand’s repositioning in Japan and the U.S, and introduction of handbags with lower price points.
Revenue fell 1 percent to 3.55 billion euros ($4 billion) in the 12 months through January, the Milan-based owner of brands including Miu Miu and Car Shoe said in preliminary figures issued Sunday, against the median analyst estimate of 3.57 billion euros compiled by Bloomberg. It announced plans in December to open fewer stores in fiscal 2016 and introduce more bags priced between 1,000 euros and 1,200 euros.
While the new handbags at lower price points “has not been enough to offset overall decline at the brand so far, this should be key for recovery in 2015,” Barclays Plc analysts led by Vineet Sharma wrote in a note yesterday.
Sales in Asia Pacific dropped 5 percent, mainly because of the deteriorated markets in Hong Kong and Macau during the second half of the year. Chinese President Xi Jinping’s two-year crackdown against graft has impacted sales of luxury goods in Hong Kong and gamblers’ spending in Macau.
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