Rapaport News


Polished Markets


Advanced search
Latest Articles
Rough Markets
Polished Markets

Tse Sui Luen Expects Loss Amid Tourist Slowdown

Pandemic hits Hong Kong-based jeweler’s sales in fiscal half ending September 30.
Oct 13, 2020 6:02 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share

Hong Kong-based jeweler Tse Sui Luen (TSL) expects to incur a net loss of at least HKD 40 million ($5.2 million) for the first fiscal half as the Covid-19 pandemic depressed the company’s sales.

The loss for the six months ending September 30 compares with a net profit of HKD 1.6 million ($206,454) in the same period last year, the retailer said last week.

“The implementation of social distancing and quarantine measures in many countries worldwide have dampened consumer sentiment and brought international tourism to a standstill, plunging the global economy into recession,” TSL explained. “The drastic drop in foot traffic has led to the sales slump [in] our retail stores, particularly those in Hong Kong and Macau, which are highly dependent on tourist spending and in-store customer traffic.”

The company has cut costs to weather the challenges, including “relentlessly” negotiating rental contracts and streamlining operations, it added. The group plans to release its full results for the fiscal half by the end of November.

Image: A TSL store in Gurney Plaza, Penang, Malaysia. (Shutterstock)
Tags: China, Coronavirus, COVID-19, Hong Kong, Jewelry, macau, quarantine, Rapaport News, retail, social distancing, Tse Sui Luen, TSL
Similar Articles
Rapaport LogoRapaport Weekly Market Comment
Jan 14, 2021
Polished sentiment positive despite limitations on travel due to Covid-19. Shortages...
What to Expect in the Industry This Year
GIA Launches Cultured Pearl Report
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us