“Sales and profit grew sharply at Tse Sui Luen (TSL) in the past 12 months amid stronger consumer sentiment in Greater China and a rise in tourism to Hong Kong.
Revenue jumped 12% to $486 million (HKD 3.81 billion) across all markets in the fiscal year ending February 28, the Hong Kong-based jeweler reported Thursday. The annual profit of $5.9 million (HKD 46.6 million) was roughly double last year’s $3 million (HKD 23.2 million).
Sales in mainland China climbed 13% to $298.2 million (HKD 2.34 billion), while revenue in Hong Kong and Macau rose 9% to $180.5 million (HKD 1.42 billion).
Those improvements were mainly due to better business conditions toward the end of 2017, which continued into 2018, TSL explained. Strong sentiment during various festive seasons led to higher average spending per purchase, it added. In addition, the number of tourists visiting Hong Kong and Macau increased, driving the rise in sales for that region.” – Rapaport reports.