Hong Kong-based Sasa International reported a double-digit increase in annual revenues, thanks to surging local sales and revenues in Macau.
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During the year, group revenues rose 24.8 percent to HKD 4.37 billion, driven by sales in Hong Kong and Macau, the firm’s largest market, up 31.4 percent to HKD 3.41 billion.
Sasa mainland China sales grew 9.7 percent to HKD 581.6 million, while sales in other markets skyrocketed 126.1 percent to HKD 10.4 million. The gains were partially offset by Southeast Asia, where sales fell 1.7 percent to HKD 365.8 million.
As a result of the gaining revenues, the company said annual attributable profit surged 275.8 percent to HKD 28 million.
During the year, the group opened eight stores including one in Singapore following reentry to that market. Post year-end, a further four stores in Singapore were opened taking the total to five stores.
Looking ahead, the group said it will actively explore other potential geographies in Southeast Asia such as the Philippines, and will leverage third-party high traffic platforms to expand its customer base and market reach.
“We are halfway through calendar 2024 and the retail environment remains challenging. However, the group believes that with economic recovery and the strengthening consumption power in mainland China as well as the gradual improvement of the policies on facilitating the development of the economy and tourism in Hong Kong and Macau, I retain a positive outlook over the long-term future,” said Dr. Simon Kwok, chairman and chief executive officer of the group.
“Sa Sa’s reputation for authentic and premium products, our team of beauty consultants who deliver attentive member engagement, and our strong product-sourcing capability will see us stand-out amid the intensifying competition. Last but not least, the group will continue to reduce our carbon footprint and work together with our stakeholders to achieve our sustainability goals that are embedded within our overall business strategy.”