18 Mar 2024
FY23 revenue slightly increased by 1.9% YoY to HK$3,873m, mainly supported by a 38% YoY sales increase in HK/Macau market to HK$380m on the back of the rise in tourist arrivals, while markets in Mainland China/ Taiwan/ SE Asia and Australia/ Gulf Cooperation Council/ Wholesales to Overseas Franchisees changed by -0.6%/ -5.6%/ -1.9%/ +6.3%/ -19% YoY respectively during FY23. Meanwhile, store count of the group was down by 52 YoY by end-FY23 (end-FY22: 1,874), due to the cautious approach of the company in new store expansion while closing non-performing ones. Gross profit was up by 5.5% YoY to HK$2,263m in FY23, with GPM up 1.9ppt YoY to 58.4% during the period mainly due to ASP increase in new merchandise and less discounts on evergreen products. With distribution and admin costs ratio changed by +2.3%/-0.5% YoY to 42%/5.1% during the period, the company recorded an YoY increase in NP by 28.7% to HK$345m in FY23. The group proposed a final dividend of HK$0.135 per share for FY23 (FY22: HK$0.15 per share), which brought the full-year dividend to HK$0.305 per share (FY22: HK$0.235 per share), translating to a 141.2% payout ratio.