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Hong Kong’s Tse Sui Luen Sees Sales Surge
Nov 28, 2021 9:00 AM
By Rapaport News
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RAPAPORT... Jeweler Tse Sui Luen (TSL) saw revenue bounce back in its first fiscal half amid a recovery in China and rising local consumer sentiment in Hong Kong.
Sales at the Hong Kong-based jeweler jumped 19% year on year to HKD 1.4 billion ($179.2 million) for the six months ending September 30, the company said last week. Profit for the period came to HKD 2.6 million ($338,895) compared with a loss of HKD 41.6 million ($5.3 million) a year ago.
Revenue in mainland China, TSL’s biggest market, climbed 17% to HKD 1.13 billion ($145.5 million) as the economy returned to pre-pandemic levels, TSL noted. Increased demand for gold products also boosted sales.
In Hong Kong and Macau, sales soared 32% to HKD 244.7 million ($31.4 million) as domestic spending grew amid a government stimulus program implemented to support retail.
“The ‘zero Covid-19’ policy adopted by mainland China has enabled it to outperform many other countries in the rapid and effective control of the pandemic and has contributed to a swift economic recovery,” the company noted. “Stimulus measures announced by the Hong Kong and Macau governments have boosted local consumer sentiment and helped restore some of the sales [lost due to] travel restrictions.”
The retailer’s expansion of its digital offering in response to an increase in consumers’ online purchasing also buoyed sales, it explained.
Image: A TSL store in Hong Kong. (Naoniaum21)
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Tags:
COVID-19, Hong Kong, jeweler, Rapaport News, Tse Sui Luen, TSL
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