Emperor W&J 2023 Full Year Total Revenue Grows 31%, Net Profit Increases 35%

March 19, 2024 by No Comments

HONG KONG, Mar 19, 2024 – (ACN Newswire via SeaPRwire.com) – Emperor Watch & Jewellery Limited (the “Group” or “Emperor W&J”) (Stock code: 887), a leading retailer of European-made watches and fine jewellery, is pleased to announce its annual results for the year ended 31 December 2023 (the “Year”).

Results Highlights

HK$ million

For the year ended 31 December

Changes

2022

2023

Revenue

3,684

4,823

+ 30.9%

Gross profit

1,177

1,450

+ 23.2%

Adjusted EBITD 1

376

470

+ 25.0%

Net profit

222

299

+ 34.7%

Basic earnings per share

HK3.28 cents

HK4.41 cents

+ 34.5%

Full year dividend per share 2

HK1.00 cent

HK1.32 cents

+ 32.0%

1 Adjusted EBITD represents earnings before interest, tax and depreciation charge on the self-owned flagship store, which reflects the Group’s core operating performance. The Group has fully adopted the HKFRS16, which amortisation of right-of-use assets associated with rental lease agreements were included.

2 Includes interim and final dividends

Boosted by the full resumption of travel and revival of consumption sentiment, the Group’s total revenue grew by 30.9% to HK$4,823.2 million (2022: HK$3,684.3 million) during the Year. Revenues from Hong Kong and mainland China were HK$2,510.0 million (2022: HK$1,652.5 million) and HK$1,372.9 million (2022: HK$1,186.3 million), respectively, accounting for 52.0% (2022: 44.9%) and 28.5% (2022: 32.2%) of the total revenue, respectively. In terms of revenue by product segment, the sales revenues from the watch and jewellery segments were HK$3,480.4 million (2022: HK$3,017.6 million) and HK$1,342.8 million (2022: HK$666.7 million), respectively, accounting for 72.2% (2022: 81.9%) and 27.8% (2022: 18.1%) of the total revenue, respectively.

Gross profit increased by 23.2% to HK$1,450.3 million (2022: HK$1,177.3 million). As a result of the improvement in total revenue, the Group’s net profit increased by 34.7% to HK$299.2 million (2022: HK$222.1 million) during the Year. Basic earnings per share was HK4.41 cents (2022: HK3.28 cents). The Group has recommended the payment of a final dividend of HK0.56 cent (2022: HK0.62 cent) per share. Together with the interim dividend of HK0.76 cent (2022: HK0.38 cent) per share, the total dividends for the full year are HK1.32 cents (2022: HK1.0 cent) per share.

As at 31 December 2023 the Group had a total of 93 stores in Hong Kong, Macau, mainland China, Singapore and Malaysia. During the Year, the Group continued to open jewellery stores and watch stores in Hong Kong and mainland China.

Ms. Cindy Yeung, Chairperson of Emperor W&J, said, “China remains a prominent force in the global economy and an indispensable investment market for investors. Leveraging its brand reputation in China, the Group will continue expanding in the Hong Kong and mainland China markets to seize the ample opportunities. With the ongoing Renminbi fluctuations, it is expected that Chinese consumers will tend to spend within the country and the Group is poised to benefit from it with its established presence in the Hong Kong, Macau and mainland China markets.”

About Emperor Watch & Jewellery Limited

With long establishment history of over 80 years in Hong Kong since 1942, Emperor W&J (887.HK) is a leading retailer principally engages in the sale of European-made internationally renowned watches, and fine jewellery products under its own brand, “Emperor Jewellery”. Through its comprehensive watch dealership, unique marketing campaigns and extensive retail network at prime locations in Hong Kong, Macau, mainland China, Singapore and Malaysia, Emperor W&J established a strong brand image amongst its target customers ranging from middle to high income groups worldwide. In recognition of its efforts in investor relations communications, Emperor W&J was granted with “Best IR Company” (Small Cap) and “Best Investor Presentation Material” (Small cap) in HKIRA Investor Relations Awards 2023 by the Hong Kong Investor Relations Association. For more information, please visit its website: www.EmperorWatchJewellery.com.

 

Investor/Media Enquiries

Anna Luk

Group Investor Relations Director

Tel: +852 2835 6783

Email: annaluk@emperorgroup.com

Janice Au

Group Investor Relations Manager

Tel: +852 2835 6799

Email: janiceau@emperorgroup.com

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