HONG KONG: AS Watson Reports Weak H1 Figures

The A.S. Watson group has reported a decline in first-half profit and revenue, hurt by currency fluctuations.

For the six months to 30 June, revenue was down 2% to HK$73.4bn, while operating profit was also down 2% to HK$5.34bn.  However, on a constant-currency basis, those figures were up 1% and 2%, respectively.

The group’s Health & Beauty division saw operating profit grow by 6% in constant-currency terms, helped by a 11% rise in Europe and a 3% increase in Asia.  The unit recorded an overall 3.6% rise in like-for-like sales, despite a 3.1% decline in Asia.