莎莎国际2023/24年中期报告

About Sa Sa Established in 1978, Sa Sa is a leading beauty product retailing group in Asia. Listed on the Main Board of The Stock Exchange of Hong Kong Limited in 1997 (Stock code: 178), our businesscovers Hong Kong and Macau SARs, Mainland China and Southeast Asia. We position ourselves as one-stopbeauty product specialty platform with a business focus on “Beauty”. We provide diverse and quality productsunder more than 600 brands ranging from skincare, fragrance, make-up, hair care and body care, inner beautyproducts as well as beauty equipment. Our diversified e-commerce platforms offer round-the-clock online shopping services along with comprehensiveproduct information to customers from different countries. In line with the new retail era, we are integratingour physical and online business presence, striving to provide a customer-centric omni-channel shoppingexperience. The Group is included in the FTSE Index Series, MSCI Index Series and S&P Index Series. 關於我們 莎莎於1978年成立，為亞洲具領導地位的美粧產品零售集團。 公司於1997年於香港聯合交易所有限公司主板上市（股份代號：178），目前業務遍及香港及澳門特區、中國內地及東南亞。莎莎以「美」為業務重心，並以一站式美粧產品平台的定位為顧客提供多元化的產品組合，我們銷售逾600個產品品牌，涵蓋護膚品、香水、化粧品、護髮、身體護理產品、美肌養顏食品及美容儀器等。 我們的多元化電子商貿平台為不同國家的顧客提供全天候24小時的網上零售服務，以及最新產品資訊。為配合新零售時代，我們正積極整合實體店及線上業務，致力為顧客締造「以客為中心」的全渠道購物體驗。 公司現為「富時指數系列」、「摩根士丹利資本國際指數系列」及「標普指數系列」成份股。 CONTENTS 2Financial Highlights3Ten-year Financial Summary5Management Discussion & Analysis29Condensed Consolidated Interim Income Statement30Condensed Consolidated Interim Statementof Comprehensive Income31Condensed Consolidated Interim Statementof Financial Position32Condensed Consolidated Interim Statementof Changes in Equity33Condensed Consolidated Interim Statementof Cash Flows34Notes to Condensed ConsolidatedInterim Financial Information56Supplementary Information66Glossary67Corporate Information FINANCIAL HIGHLIGHTS Six months ended 30 September 2023930 TEN-YEAR FINANCIAL SUMMARY For the period ended 30 September930 TEN-YEAR FINANCIAL SUMMARY For the period ended 30 September930 1)Prior to 1 April 2016, the Group recognised certain incentives received from suppliers as partof its revenue or offset against the Group’s selling expenses. During the year end 31 March2017, the Group has revisited its arrangements with its suppliers and considered incentivesreceived from suppliers for which the Group did not provide any separable identifiablepromotion service, should be accounted for as a reduction of its cost of sales. Adjustmentshave been made to reclassify the comparative information to conform with the current yearpresentation. 1)20164 120173 31 2)The Group has adopted HKFRS 16 retrospectively from 1 April 2019, as permitted underthe special transition provisions in the standard. Comparative information has not beenrestated, and thus comparative figures may not be comparable as comparative informationwere prepared under HKAS 17 “Leases”. 2)20194 11617 3)The Group has adopted HKFRS 16 “Leases” from 1 April 2019, the payment of lease liabilities(including interest) are classified as financing activities rather than as operating activities inprevious years. 3)20194 116 4)The information on retail space provided is intended to allow the readers to appreciate thegrowth in retail network and the size of retail space only. As there are significant variationin sales per square foot between stores of different store sizes, as well as stores in differentcountries and location, the retail space information provided should not be used to analysethe trend on sales per square foot. 4) MANAGEMENT DISCUSSION & ANALYSIS Market Overview 1.There were no cosmetics retail sales statistics provided by the Malaysian and thePhilippines Governments.2.This is the figure of Retail Trade, except motor vehicles and motorcycles, provided by theGovernment of the Philippines.3.“Cosmetics, toiletries and medical goods” as classified by the Government of Singapore.*All of the above data were sourced and extrapolated from statistics published by thecorresponding governments’ statistics bureaus. There are some inconsistencies in thedefinition of cosmetics retail sales in the methodologies adopted by different governmentstatistics bureaus in conducting statistics on such sales. 1.2.3.* MANAGEMENT DISCUSSION & ANALYSIS 20239 30 During the six months ended 30 September 2023 (“the period”), the globaleconomy continued to recover gradually from the pandemic and geopoliticaltensions in Ukraine. With the Covid-19 health crisis officially over, supply-chaindisruptions have lessened and the global economy has shown signs of a partialrecovery. While global inflationary pressures are easing from their peak, theyremain high, leading to a challenging economic environment. In response to the inflationary pressure, advanced economies, in particular theUnited States of America (“US”), have tightened monetary policy and raisedinterest rates leading to a strong dollar. The high interest rates and tight liquidityhave somewhat dampened consumer and busines