Double-digit online growth helped Hong Kong-listed company Tse Sui Luen achieve a modest 4.5 per cent increase in sales last year, despite the disruption of Covid across all its markets.
More importantly, the company achieved a significant bottom-line improvement, recording a profit attributable to shareholders of US$1.89M, compared with a loss of $5.6M the preceding year. Sales reached $353M, with online turnover exceeding $49M.
Chairman Annie Yau said Covid had caused “unprecedented challenges” to its Hong Kong business operations due to multiple measures to contain the spread of the pandemic, including the long-term closure of the border with the mainland.
But the company had responded with a focus on building its brands, managing customer experience and adopting new technology ready for the post-pandemic trading environment and new generational trends. These include an online and offline Made-To-Order service enabling customisation of products and the launch of a new brand in “Nordic minimalist style” called Duo by TSL late last year.
The company negotiated “relentlessly” with landlords to reduce leasing costs and closed two underperforming stores in Mong Kok and Tsim Sha Tsui, leaving the brand with 24 in Hong Kong and three in Macau as at 31 March.