Listed Hong Kong jeweller Tse Sui Luen would love to turn back the clock.
The company, which has 23 stores in Hong Kong and three in Macau, had cause like its peers to lament the end of the Gold Rush of 2013-14 as it reported a 46.7 per cent reduction in profit for the year to March 31 – from HK$74.5 million (US$9.6 million) in 2013/2014 to HK$39.8 million this year.
The company says turnover fell a modest 4.6 per cent from HK$4.1 billion to HK$3.9 billion year on year.
“Sales in the first half of the year were down by 14.6 per cent (HK$311 million) on the previous year due to the absence of the ‘Gold Rush’ effect experienced in the previous year,” Tse Sui Luen said in a stock exchange filing.
Meanwhile, its Mainland China revenue rose 14.3 per cent year on year from HK$1.4 billion to HK$1.6 billion.
“In respect of our Hong Kong and Macau retail business, since the beginning of the year we have been cautiously reviewing and adjusting our store locations, operating costs and our product mix so as to better address the local market and the changing Free Independent Travellers’ needs”, the company said.
“Despite the unstable business environment, we still remain positive about our intended strategic network expansion in selected markets which is designed to build the presence of TSL shops in those markets to support more robust growth in the medium to long term,” it said.