Chow Sang Sang Net Profit Down 36% In 2019

Chinese jewelry brand Chow Sang Sang recently published its annual results for 2019, stating that the company's operating revenue was HKD17.736 billion, a year-on-year decrease of 6%; and its net profit attributable to shareholders was HKD644 million, a year-on-year decrease of 36%.

According to the report, Chow Sang Sang's jewelry retail sales accounted for 92% of the total turnover of the group. However, the turnover saw a decrease of 5% compared with that of 2018.

By region, the group's annual sales in Hong Kong and Macau decreased by 16% to HKD6.436 billion. During the first half of 2019, Chow Sang Sang's same store sales in this region increased by 2%; and for the entire year of 2019, its same store sales decreased by 12%.

In regards to Chinese mainland market, Chow Sang Sang's total turnover increased by 4% to HKD9.688 billion, which was contributed by opening of new stores. During the year of 2019, its same store sales in mainland China decreased by 1%. At the same time, Chow Sang Sang's online sales continued to grow and accounted for about 16% of its total sales in this marketplace.

By the end of 2019, the group had 606 stores in 135 cities. Chow Sang Sang said that they planned to open about 30 new stores in 2020.