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Sales Jump at Hong Kong Jeweler TSL
Oct 29, 2017 6:07 AM
By Rapaport News
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RAPAPORT... Hong Kong-based jewelry retailer Tse Sui Luen (TSL) saw
revenue and profit leap in the first fiscal half as the number of tourists
visiting the municipality increased.
Sales rose 12% to of $222.1 million (HKD 1.73 billion) for
the six months ending August 31, while profit jumped 49% to $2.2 million (HKD 17.5
million), the company reported last week.
Retail sales in Hong Kong and Macau increased 5.3%, driving
the overall growth, though same-store sales there slipped 2.5%. In mainland
China, revenue dropped 1.7%, with same-store sales falling 3.1%.
The number of tourists visiting Hong Kong grew, resulting in
the higher sales, the company explained, cautioning that retail conditions in
the key hub remained challenging. Total visitor arrivals in Hong Kong increased
1.9% year on year to 38 million in the first eight months of 2017, according to
data from the Hong Kong Tourist Board.
“While we believe that the retail market in Hong Kong may
have finally bottomed out, it is still early to say if the industry is about to
rebound, particularly given other uncertainties in the market and the political
uncertainties all over different regions of the globe,” TSL said. “Nevertheless,
the group’s overall performance for the period was in line with our
expectations.”
Image: Naoniaum21
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Tags:
asia, China, Greater China, Hong Kong, Hong Kong Tourist Board, Jewelry, macau, mainland china, Rapaport News, retail, tourism, tourists, Tse Sui Luen, TSL
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