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Hong Kong Jeweler TSL Returns to Profit
May 2, 2022 5:48 AM
By Rapaport News
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RAPAPORT... Tse Sui Luen (TSL) expects to report a profit for the full fiscal year amid improved consumer sentiment in mainland China.
The Hong Kong-based jeweler believes it earned approximately HKD 15 million ($1.9 million) for the year that ended March 31, 2022, it said last week. That compares with a loss of HKD 44 million ($5.6 million) the previous year.
Consumer sentiment in China improved during the first three quarters of the fiscal year, returning to pre-pandemic levels, the retailer noted. “Significant” growth in the company’s online sales also spurred profit.
The increases during those nine months outweighed a drop in the fourth fiscal quarter, when the government instituted a number of restrictions to stem a rise in coronavirus cases.
“For the last quarter, the group’s businesses in mainland China and Hong Kong have been severely affected by the Covid-19 outbreaks, especially the...fifth wave of the epidemic...which has posed unprecedented challenges to our operations and led to the sales slump of our retail stores in Hong Kong.”
TSL will publish its full-year results by the end of June.
Image: A Tse Sui Luen store in Hong Kong. (Mangonchong)
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Tags:
China, Hong Kong, jeweler, Rapaport News, Tse Sui Luen, TSL
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