Hong Kong-based retailer SaSa International has announced a decrease in profits to the tune of 10.3 percent for the year-end March 31, 2015 to HK$838.8 million, compared to HK$935.2 million for the previous year. It wasn’t all bad news for the perfumery chain, however; turnover rose 2.7 percent to HK$8.993 billion, while retail sales in Hong Kong and Macau increased 3.3 percent year-on-year to HK$7.259 billion.

The company suffered at the hands of the relative strength of the Hong Kong dollar, combined with relaxation of visa policies by other countries, tempting Chinese tourists to travel further afield for their beauty fix. Hong Kong’s much publicised Occupy Movement and anti-parallel goods traders incidents caused tourist numbers to further drop.

Looking ahead, the company expects Chinese tourist arrivals to continue to slow, while possible policy revisions on cross-border e-commerce could add further uncertainty to a slower retail environment.