Shares of Jiumaojiu International Holdings Limited (HKG:9922), a leading Chinese restaurant chain operator, plummeted by 7.78% on October 21, 2024, after the company reported disappointing same-store sales performance for the third quarter.
According to the company's filing with the Hong Kong Exchange, Jiumaojiu's three major brands – Tai Er, Song Hot Pot, and Jiu Mao Jiu – all witnessed a significant year-over-year decline in same-store average daily sales. Tai Er saw an 18.3% drop, while Song Hot Pot and Jiu Mao Jiu recorded decreases of 32.5% and 10.3%, respectively.
The weaker-than-expected same-store sales figures indicate challenges in attracting and retaining customers, raising concerns about the company's growth prospects and operational efficiency. Analysts suggest that the sluggish performance could be attributed to various factors, including intense competition, changing consumer preferences, and the impact of the macroeconomic environment on consumer spending.
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