20150612-广发证券(香港)-莱尔斯丹(0738):1Q16+e-commerce+revenue++69%+YoY

$莱尔斯丹(hk00738)$  
1Q16 SSS -3% YoY LS released its 1Q16 operating figures,which were in line with our expectation.Though its 3% SSS decline in 1Q16 was weaker than the 4% SSSG in 4Q15,we think this was partly due to the high comparable base(1Q15 SSSG 15%)and very weak SSS in Mar.Management revealed that SSS has seen a MoM sequential improvement during 1Q16.Mar SSS saw a double-digit fall due to the late CNY holiday.SSS then recovered to a low single-digit decline in Apr and mid single-digit growth in May.
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