March 29, 2017: Hongkong second-hand luxury goods retailer Milan station Holdings Limited (1150.HK) increased its losses in 2017 from HK $73 million 785 thousand to HK $81 million 436 thousand, losing sixth consecutive years.

Milan station store

During the reporting period, the turnover of Milan station was HK $318 million 600 thousand, which recorded a decrease of HK $0.1% per year, and Hongkong, mainland China and Macao accounted for 96.5%, 0.2% and 3.3% respectively.

The stability of revenue mainly depends on the THANN contribution of 10 Milan stations and 8 beauty shops in Hongkong, an increase of 5.5% to HK $307 million 600 thousand compared with the same period last year. The mainland market basically withdrew, with only HK $700 thousand in revenue. Macao was stimulated by the rebound in gambling industry and the income rose 19.8% to HK $10 million 300 thousand.

Milan station recorded a gross profit of HK $64 million 974 thousand in 2017, down 2.5% from HK $66 million 648 thousand in 2016, and gross margin 20.4%, down 50 basis points.

As of Wednesday's close, Milan's market capitalization was only HK $155 million.