Far Eastern Department Stores Co (遠東百貨), the third-largest department store chain in the nation, said yesterday its first-half revenues grew by 8 percent year-on-year to exceed NT$10 billion (US$329 million), beating its target of 5 percent growth, as a result of strong customer retention.
The company said its main customer group is women aged between 25 and 45, most of whom work for government agencies and have been less affected by the recent commodity price hikes because they have stable incomes and are good at managing their finances.
“What is more, the revamping of our stores, including the introduction of well-known international clothes brands, has also helped boost per customer transactions by 10 percent to 20 percent,” Meo Cheng (鄭嘉蕙), a Far Eastern public relations official, said by telephone.
Shin Kong Mitsukoshi Department Store Co (新光三越百貨), the nation’s largest department store chain, said its revenues in the first half grew around 3 percent year-on-year to reach NT$27 billion.
This was “acceptable,” although it lagged behind the target of 5 percent sales growth, Eric Hung (洪炳棟), assistant vice president of marketing, said by telephone.
“Owing to the hike in domestic oil prices last month, our sales dropped nearly 5 percent in June from a year ago,” he said.
“However, sales have begun to pick up this month on the back of various promotional activities,” he said.
Pacific Sogo Department Stores Co (太平洋崇光百貨), the nation’s second-largest department store chain, reported a negative 1.8 percent year-on-year growth for the first half of the year, reaching NT$15.7 billion in revenues.
Lee Kuang-jong (李光榮), a Pacific Sogo president, said its stores outside of Taipei have been particularly hit by the economic slowdown.
The Hsinchu store saw the largest year-on-year decline in sales — 10 percent, he said.
Lee said he was not very optimistic about the company’s sales performance in the second half of this year.
Mercuries Life Insurance Co (三商美邦人壽) shares surged to a seven-month high this week after local media reported that E.Sun Financial Holding Co (玉山金控) had outbid CTBC Financial Holding Co (中信金控) in the financially strained insurer’s ongoing sale process. Shares of the mid-sized life insurer climbed 5.8 percent this week to NT$6.72, extending a nearly 18 percent rally over the past month, as investors bet on the likelihood of an impending takeover. The final round of bidding closed on Thursday, marking a critical step in the 32-year-old insurer’s search for a buyer after years of struggling to meet capital adequacy requirements. Local media reports
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