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Hong Kong Jeweler TSL’s Profit Back on Track
Jun 21, 2022 10:26 AM
By Rapaport News
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RAPAPORT... Profit at Hong Kong jeweler Tse Sui Luen (TSL) moved back into the black during the full fiscal year even as sales waned in the final quarter and into the new year.
Profit came to HKD 15.4 million ($2 million) for the 12 months ending March 31, compared to a loss of HKD 44.1 million ($5.6 million) a year ago. Group revenue climbed 4.5% to HKD 2.77 billion ($352.7 million). Sales in China rose 2% to HKD 2.21 billion ($281.2 million).
Sales in Hong Kong and Macau climbed 15% to HKD 486.2 million ($62 million) during the year as the government of Macau eased restrictions and the company launched a new brand targeted at couples. Revenue from markets other than greater China jumped 21% to HKD 74.8 million ($9.5 million).
While sales during the first nine months of the year returned to pre-pandemic levels as the economic and health situation in China improved, the rise of a fifth wave of the pandemic hindered sales in the fourth quarter and into fiscal 2023. Business in mainland China declined amid local flare-ups of Covid-19 in some domestic regions, while sales in Hong Kong have “plunged sharply” since the resurgence, TSL noted.
“Jewelry and luxury retail have been devastated as the number of the infected cases skyrocketed in the city,” the company added. “In addition, the rollout of a series of more rigorous enforcement of containment measures and social-distancing restrictions as well as the public’s fear of contracting the virus at the height of the outbreak have severely dampened consumer sentiment and impeded the progress of Hong Kong retail-market recovery.”
Image: A TSL store in Hong Kong. (Naoniaum21)
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Tags:
China, Hong Kong, Jewelry, Rapaport News, Tse Sui Luen, TSL
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