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GREEN TEA GROUP Plans to Open New Stores in SE Asia; Takeaway Biz Shr at ~25% Currently
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GREEN TEA GROUP (06831.HK) CFO Shang Wei revealed that the group currently has 10 stores in Hong Kong. Although staff-related expenditure, rents, and other costs are more severe in Hong Kong than in mainland China, the higher average spending per customer resulted in a store profit margin better than that in mainland China. The group's Hong Kong stores are currently profitable. Due to the limited market capacity in Hong Kong, Shang said GREEN TEA GROUP has no plans to increase the number of stores there, but to focus on optimizing existing stores, while opening more stores in Southeast Asian regions like Singapore and Vietnam this year. Its aim is to have 30 overseas stores in operation, compared to only 14 at the end of last year. Regarding GREEN TEA GROUP's takeaway business, Shang noted that its share increased from 18.8% to 25.3% last year. While the profit margin for takeaway is higher than for dine-in, GREEN TEA GROUP is still primarily focusing on dine-in business and currently has no plans to open franchises. AAStocks Financial News |
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