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Sales Jump at Hong Kong Jeweler TSL

Higher tourism levels boost retailer in first fiscal half.
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
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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