Dickson Concepts witnessed its annual attributable net profit surge 38.9 per cent to HK$350.8 million (US$44.9 million) amid increased sales, strict expense management, and a higher contribution from the company’s investment portfolio.

Turnover rose 12.6 per cent to HK$2.4 billion ($307 million) in the financial year ended March 31.

During the year, the company decided to shut its Harvey Nichols store at the Landmark and Beauty Bazaar store at The One in Hong Kong as Mainland Chinese tourists spent less time in the city and no longer prioritise shopping there as they used to pre-pandemic.

Despite the closures, Hong Kong contributed 70.2 per cent of sales while Taiwan accounted for 24.5 per cent and other territories shared 5.3 per cent.

The group anticipates a challenging retail environment in Hong Kong and Taiwan as tourists travel to Japan and Europe instead, due to cheaper luxury goods and tax rebates to tourists.

The company also has a cautious near-term outlook for China amid soft consumer sentiment and spending.

Currently, the company has five stores in Hong Kong, 28 in Mainland China, and 28 in Taiwan.