Tse Sui Luen store network expands Again

Hong Kong-headquartered jeweller Tse Sui Luen has reported a 9.6 per cent increase in profit for the full year, despite a marginal 1.7 per cent drop in group turnover.

Profit attributable to shareholders was HK$54.2 million (US$6.9 million) on sales of $4.065 billion ($521 million).

The Tse Sui Luen store network grew by 56 during the year, to reach 473.

Chairman Annie Yau said sales rose in the first half of the year, reflecting the continuing upturn of Hong Kong’s retail sector. “However, conversely, towards the end of the year, the group started to feel the trickle-down effects of the trade dispute between the US and China which has adversely affected the market sentiment and consumer confidence and resulted in the depreciation in the Renminbi – all leading to a slowdown in the global economy and in local retail sales performance.”

She said the fluctuation of the Renminbi value inevitably brought adverse impact on the second half. “The group is responding to these challenges with unique signature products and reinforcement of our market positioning as ‘Wedding Expert’, all aimed to offset the negative effects…”

During the year, the group has demonstrated its vision to optimise its retail network across Asia and broaden its international presence through new store openings in Hong Kong, Mainland China and Malaysia. Going forward, we will continue to seize the opportunities for developing existing and new business channels and expanding our retail network in all the regions where we operate, while being cautious and keeping a close watch on any and all changes as and when they occur in the market,” she says.