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高盛:下调莎莎(0178.HK)销售预期 降目标价至1.54港元
格隆汇 11-22 16:39

高盛发布研究报告,将莎莎(0178.HK)目标价降0.6%至1.54港元,维持“中性”评级。

莎莎(0178.HK)昨日公布中期亏损3650万港元,去年同期则出现溢利2.03亿港元,不派息。 集团透露最新的同店销售增长趋势显示,2019年10月1日至11月18日港澳地区同店销售下降39.1%,相比9月下降38.5%进一步放缓;其中香港市场同店销售暴跌50%以上,澳门的增长则为15%。内地同店销售方面,受惠于关闭表现不佳的商店,实现增长13%。

高盛认为,莎莎港澳地区本季度迄今的同店销售增长趋势弱于上季度,11月比10月差,但由于基数低的效应,预计第4季同店销售将继续收窄。高盛下调2020、2021及2022年销售预期7-9%,以反映香港激进的门店关闭策略以及香港零售市场的持续疲软。

莎莎管理层认为,随着租赁到期,2021财年底香港地区或会关闭约30家店的空间,主要是在旅游区。管理层预计,仅关闭门店就节省25%的租金,包括其余店铺的续租租金,则可节省35-40%。另外,莎莎正在采取积极措施来管理员工成本,包括从9月起强制高级后勤人员每月休2-4天无薪假。

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