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TSL Sales Growth Prompts China Expansion

Jun 25, 2018 9:22 AM   By Rapaport News
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RAPAPORT... Tse Sui Luen (TSL) plans to open 100 stores in mainland China over the next two years, after witnessing solid growth in the region.

The jewelry retailer intends to focus more on shopping-mall locations rather than department stores, it said last week. The move comes after revenue increased 21% to $527.2 million (HKD 4.14 billion) in the 13 months ending March 31 compared with the previous 12 months, while profit more than doubled to $6.3 million (HKD 49.5 million) from $3 million (HKD 23.2 million).

The Hong Kong-based retailer recently adjusted its fiscal year to match the traditional retail cycle. As a result, its most recent annual income statement covered a 13-month period instead of 12 months.

“Continued expansion of our retail network in all our operating regions is one of our key objectives both now and going forward,” the company said. “We were delighted by the healthy growth in our store network in Hong Kong and mainland China during the period.”

Sales in Hong Kong and Macau grew 18% to $195.1 million (HKD 1.53 billion) during the 13 months amid an increase in tourist traffic and growth from local consumers. Revenue in mainland China climbed 23% to $324.2 million (HKD 2.54 billion). The group had 193 self-operated stores and 187 franchised stores in China at the end of March.

Sales from other countries jumped 47% to $7.9 million (HKD 62 million) for the year.

Stability in Hong Kong’s retail market and political situation, combined with resurgent tourism from mainland China, indicates a positive outlook for the next fiscal year, TSL noted. The number of tourists visiting Hong Kong from mainland China increased 4% to 44.4 million in 2017, according to data from the Hong Kong Tourism Board.

Image: Mangongchong
Tags: Hong Kong Tourism Board, Rapaport News, Tse Sui Luen, TSL
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