Hong Kong leisure retailer Best Mart 360 Holdings Limited announced its annual results for the year ended 31st March 2022 (“Financial Year”). During the Financial Year under review, the revenue recorded by the Group amounted to approximately HKD 1,983,526,000 (USD 252.78 million), representing an increase of approximately 21.8 percent. During the Year, the Group recorded a 7.3 percent growth in same store sales performance.
During the Financial Year under review, gross profit for the year ended 31st March 2022 was approximately HKD 667,654,000 (USD 85.08 million). Gross profit margin of the Group was approximately 33.7 percent. Profit attributable to owners of the Company was approximately HKD 109,804,000 (USD 14 million), representing an increase of approximately 34.8 percent, if excluding the government subsidies of approximately HKD 31,772,000 (USD 4.05 million), core net profit increased significantly by 121 percent. The increase was mainly attributable to the substantial increase in the overall sales of the Group’s retail stores as compared to the corresponding period last year.
During the Financial Year under review, basic earnings per share was 11.0 cents (USD 0.014). The Board recommended the payment of a final dividend of HKD 8.0 cents (USD 1.25) per share.
For the year ended 31 March 2022, the Group procured quality products from overseas suppliers and brand owners or importers in Hong Kong and sold a total of approximately 3,560 SKUs of products, such origins were mainly from Japan and Korea; America and Australia; Vietnam and Thailand; and China, Taiwan, and Hong Kong. The Group sourced the most popular and trendy food products from each country, offering a diverse, multi-brand and multi-category selection worldwide for customers.
During the Financial Year under Review, the Group continued to actively develop private label products that on the one hand allowed the Group to capture the pricing opportunities and exercise higher level of quality control on its products, and on the other hand further uplifted brand awareness and strengthened customers’ loyalty. For the year ending 31st March 2022, sales derived from private label products was approximately HKD 323,556,000 (USD 41.2 million), a significant increase of approximately 130.2 percent from that of the last Financial Year (which were approximately HKD 140,564,000 (USD 17.91 million)). These sales accounted for approximately 16.3 percent of the revenue of the Group for the year.
The first retail store of Best Mart 360º Taipo Mega Mall Store ended 31st March 2022 (for the year ended 31st March 2021: approximately 8.6 percent). During the Financial Year under Review, the Group has launched approximately 70 private label products, including personal care and anti-epidemic products, nuts and dried fruits, cereals, Chinese foodstuffs, etc.
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“Despite the business environment of the retail industry remains uncertain with the recurrence of the novel coronavirus outbreak, the Group managed to maintain sustainable growth in both revenue and profit. During the year, we have successfully expanded the business model to Mainland China and Macau market, laying the foundation of our expansion plan in the Greater Bay Area. Looking ahead, we will closely monitor market changes and take quick and appropriate measures to enhance the business operational effectiveness of the Group. We will continue to strengthen the Group’s core competitiveness by optimising product mix and enhancing the development of private label products in order to cater to the needs of the local market, creating better results for the Group and bring satisfactory returns to the shareholders,” said Mr. Hui Chi Kwan, Chief Executive Officer of the Group.