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TSL Hit by Hong Kong Tourist Slowdown
Nov 3, 2016 7:46 AM
By Rapaport News
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RAPAPORT... Tse Sui Luen (TSL), a Hong Kong-based jewelry
retailers, reported revenue and profit slumped in the first fiscal half as the
drop in tourist numbers from Mainland China extended.
Sales slid 12 percent to $199.9 million (HKD 1.55 billion)
and profit dived 24 percent to $1.5 million in the six months that ended August
31. Revenue in Hong Kong and Macau plummeted 32 percent to $76.3 million,
outweighing a 9.6 percent increase in Mainland China sales to $120.4 million.
The drop in tourists visiting Hong Kong from Mainland China,
as well as their reduced “consumption sentiment,” was mainly due to the
stronger Hong Kong dollar and ongoing economic and political uncertainty on a
global and local scale, TSL explained.
The company “will keep reviewing and adjusting its store
network in Hong Kong in order to reduce its operating costs and to better reach
and serve its customers,” it said. By contrast, the group said it will increase
the pace of store openings in Mainland China.
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Tags:
China, Hong Kong, Hong Kong and Macau, Jewelry, macau, mainland china, Rapaport News, retail, Tse Sui Luen, TSL
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