Business Intelligence on Retailing, Franchising, and Consumerism in China

Sincere Watch Performance Improves

Hong Kong's Sincere Watch Limited posted a record performance for the nine months ending December 31, 2007, with the group's nine-month sales performance of HK$574.7 million exceeding the group's sales for the entire 2007 fiscal year.

The group's improved average gross margins rose from 28.5% for the nine months ending 31 December 2006 to 30.8% in the current period. As a result, gross profit grew 79.3% to HK$177.2 million, up from HK$98.9 million.

As demand for the company's timepieces grew, the company increased its marketing activities and expanded its distribution network and boutiques across the North Asia region. Capital investments were made on new boutiques during the period. These boutiques included those at the Ocean Terminal in Kowloon, Shin Kong Place in Beijing, Plaza 66 in Shanghai and the Venetian Casino and Resort, Macao. In addition, the company's flagship Franck Muller boutique at Central, Hong Kong, was considerably enlarged and refurbished.

Executive Vice-Chairman of Sincere Watch (Hong Kong) Limited Kevin Chau said, "The strong set of results is a reflection of the buoyant economy in Hong Kong and the increasing number of high-income visitors from China which is now one of the most vibrant economies in the world. The pulling power of the Integrated Resorts in Macau as well as the numerous efforts by the Hong Kong authorities to drive tourism growth has also benefited us tremendously."

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