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

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.