Consumers are not spending as much in the top end of the market, according to a Hong Kong-based fashion retailer.

Joyce Boutique Holdings said consumer spending is weakening and the economic forecast for the coming year is not as optimistic.

The comments came as the company publishes its earnings for the 15 months to March 31.

It said performance in the first half of the 15 month period was better than that in the second half. Net profit for the 15 months amounted to HK$7.2m and revenue amounted to HK$944.4m.

There are no comparison figures as the company is changing the end of its accounting year to March. For the nine months ending December 31, 1999, the retailer reported a net loss of HK$12.5m.