TSE Sui Luen Jewellery (International) FY revenue HKD 1,679.2 million

Tse Sui Luen Jewellery (International) Limited (TSL) reported a fiscal year (FY) revenue of HKD 1,679.2 million for the year ended March 31, 2023, reflecting a 6.4% decline compared to the previous fiscal year. The company attributed the drop to ongoing challenges in the global and regional markets, including geopolitical tensions, a sluggish luxury retail sector, and the lingering effects of the pandemic in mainland China. TSL’s mainland China operations, its largest market, experienced a 25% year-on-year revenue decline in the first half of the fiscal year.

The rising gold price also impacted consumer demand for gold jewelry, particularly 24-karat products, while weak demand for diamond jewelry further contributed to the downturn. Despite these challenges, TSL noted a narrowing net loss of HKD 35.3 million in the first half of the fiscal year, compared to a full-year loss of HKD 71.4 million. The company has initiated cost controls and store rationalization, to improve operational efficiency and prepare for long-term sustainable growth. TSL also expanded its e-commerce presence, enhancing its online platforms and entering new digital marketplaces to adapt to evolving consumer behavior.