Sasa International‘s annual attributable profit surged 275.8 percent to HK$218.9 million (US$28 million), as mainland Chinese tourists returned as the borders between Hong Kong, Macau, and Mainland China reopened.
During the year, turnover rose 24.8 percent to HK$4.37 billion as sales in Hong Kong and Macau, its largest market, soared 31.4 percent to $3.41 billion.
Mainland China sales grew 9.7 percent to $581.6 million, but Southeast Asia sales fell 1.7 percent to $365.8 million.
Sales in other markets swelled 126.1 percent to $10.4 million.
Moving forward, the beauty retailer is looking to introduce exclusive brands via livestream platforms in Mainland China to improve the company’s gross margin profile. It is also planning to expand in Hong Kong and is looking at high-traffic malls in Malaysia and Singapore.
The company maintains a cautious outlook for China amid continued geopolitical tensions and said it has to consolidate its position in the region before making further moves.
However, in the early weeks of the new financial year—from April 1 to June 16—the company’s turnover declined 9.5 percent year over year to $812.5 million.
