Sasa’s FY2018 full-year revenue increased by 4.5% y.o.y., but fell by 5% in 2H of the year.
The Hong Kong and Macau market fell by 5.8%, while same-store sales fell by 7.3%,
compared with 18.5% in 1H. According to the management team, in the first month of
FY2019 (April), the Hong Kong and Macao market continued to have a significant decline in
revenue. In May, the decline was less than 4%. During June 1st to 8th before the mass
demonstration, the decline was over 3% which was similar to May. During the large-scale
demonstrations and conflicts from June 9 to 16, the number of mainland tourists dropped
significantly, and the decline in revenue expanded to nearly 20%.