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| Achieves Double Digit Top-line Growth |
HONG KONG, Mar 15, 2018 - (ACN Newswire) - Emperor Watch & Jewellery Limited (HKG:887), a leading retailer of European-made watches and fine jewellery, announced its annual results for the fiscal year ended 31 Dec, 2017.
Driven by strong recovery in consumption sentiment, the Group's total revenue increased by 11.9% to HK$4,075.1 million. Watch segment revenue increased by 13.4% to HK$3,238.6 million and remained a key revenue contributor, accounting for 79.5% of the total revenue. Revenue from the jewellery segment increased by 6.5% to HK$836.5 million. 74.8% of the Group's total revenue was contributed by the Hong Kong market. Revenue from Singapore market soared 43.3% to HK$374.0 million and accounted for 9.2% of the Group's revenue.
Gross profit grew by 19.8% to HK$1,089.2 million. The gross profit margin was lifted by 1.7 percentage points to 26.7%, which was mainly attributable to stronger market demand for luxury watches.
Due to an improvement in sales momentum, enhanced gross profit margin and rental savings, the Group recorded a net profit of HK$159.7 million (2016: net loss HK$64.8 million). Basic earnings per share was HK2.32 cents (2016: basic loss per share HK0.9 cent). The Group recommended the payment of a final dividend of HK0.58 cent (2016: Nil) per share. Together with the interim dividend of HK0.17 cent (2016: Nil) per share, the total dividends for the Year are HK0.75 cent (2016: Nil) per share.
As at 31 December 2017, the Group had 80 stores (31 December 2016: 97) in Hong Kong, Macau, mainland China and Singapore.
During the Year, the Group continued to optimise its retail chain of "Emperor Jewellery" stores in mainland China, to seize the opportunities arising from the rapid growth of the jewellery market. Meanwhile, the Group further expanded the coverage of jewellery stores in domestic areas of Hong Kong, which helped with promoting brand exposure and seizing market opportunities of emerging shoppers.
In commemoration of its 75 years of distinguished history and craft, the Group was proud to present the "L'Atelier Cindy Yeung High Jewellery" collection. The design of this collection is inspired by Ms. Cindy Yeung, Chairperson and Chief Executive Officer of the Group. It was ceremoniously launched during the jewellery show in November 2017, to showcase the glittering gemstone pieces, revealing the brand's unique jewellery aesthetics.
Ms. Cindy Yeung said, "After years of struggling against macro challenges, we are pleased to deliver a solid full-year results with double-digit topline growth. The progress of the business was not only built on positive momentum in the retail market, but also reflected our strong operational performance on every front including sales growth, cost control and inventory management."
Ms. Yeung continued, "With the growing wealth among Chinese consumers, who remain our major customer group, the overall consumption sentiment is expected to be buoyant. Taking into account the strong fundamentals, coupled with ongoing urbanisation, expansion of the middle-class and rising income, we are optimistic regarding the market demand for luxury items in Greater China. To unleash the full potential in the market, we are planning to expand our presence in both watch and jewellery businesses as well as exploring new opportunities."
About Emperor Watch & Jewellery Limited
With long establishment history of over 70 years in Hong Kong since 1942, Emperor W&J (887.HK) is a leading retailer engaged in the sale of European-made watches and fine jewellery products under its own "Emperor Jewellery" brand. With premiere watch dealerships, marketing campaigns and retail networks in Hong Kong, Macau, mainland China and Singapore, Emperor has a strong brand image with middle to high income groups worldwide.
In recognition of its efforts in investor relations, Emperor was granted a "3 Years IR Awards Winning Company" in 2018 by the HKIRA. It also received a "Certificate of Excellence in Investor Relations" in the IR Magazine Awards - Greater China 2016. For more information, please visit www.emperorwatchjewellery.com.
Investor/Media Enquiries
Ms. Winnie Kwong,
Group Investor Relations Manager
Emperor Group
Tel: +852 2835 6791
Email: winniekwong@emperorgroup.com
Ms. Anna Luk,
Group Investor Relations Director
Emperor Group
Tel: +852 2835 6783
Email: annaluk@emperorgroup.com
Topic: Press release summary
Source: Emperor Watch & Jewellery Limited
Sectors: Daily Finance, Daily News, Art, Music & Design
http://www.acnnewswire.com
From the Asia Corporate News Network
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