"Headcount fell to 370 workers by natural attrition, from 450 two months ago, and recruitment will not resume for two to three months," vice chairman and managing director William Lo said yesterday.
"But we will keep hiring frontline employees," he added.
Despite first-half revenues jumping 46 percent to HK$1.18 billion, the company reported net profit for the period plunged 66 percent to HK$15 million due to soaring operating expenses and a loss of HK$9.67 million from fair-value change in derivative financial instruments.
Earnings per share were 13 HK cents, and no interim dividend was declared.
For the six months to the end of August, rent outlays rose 18.6 percent to HK$215.4 million, while staff costs climbed 21.4 percent to HK$185.6 million over the previous year.
Same-store sales in Hong Kong rose 5.8 percent, moderating from a 7 percent growth in first quarter.
Comparable store sales in Hong Kong rose 2.4 percent from September 28 up to Wednesday.
I.T's number of self-managed stores in the first half remained unchanged from the previous six months at 178, although sales footage was reduced by 1.6 percent to 343,285 square feet.
The firm opened nine new stores in China and three in Macau but closed one in Taiwan, with total sales footage rising 2.7 percent to 602,441 sq ft.
