HONG KONG: A.S. Watson Reports Weak FY Figures

A.S. Watson has reported a weak set of figures for its 2016 fiscal year, which it attributed largely to foreign currency fluctuations.

For the year ending 31 December 2016, revenue was flat at HK$151.5bn, but operating profit declined by 2% to HK$14.6bn while EBITDA was also down by a similar amount to HK$12.1bn.  On a constant-currency basis, all three results grew by 3% year-on-year.

The Health & Beauty division saw operating profit grow by 6% on a constant-currency basis, helped in particular by 11% rise in Europe, even as like-for-like sales grew by 3.8%. In Asia, like-for-like sales were down 4%, although constant-currency operating profit grew by 2%.

The group added 931 new outlets during the year, ending up with 13,300 retail outlets.