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Mar 23, 2022

 Results Summary

HK$ million







+ 49.5%

Gross profit



+ 46%

Adjusted EBIT*



+ 128.1%

Net profit



+ 502.9%

Basic earnings per share (HK cents) 0.50 3.02 + 504.0%

Final dividend per share



+ 133.3%

* d EBITD represents earnings before interest, tax and depreciation charge on the self-owned flagship store, which reflects the Group’s core operating performance. The Group has fully adopted the HKFRS16, which amortisation of right-of-use assets associated with rental lease agreements were included.


(Hong Kong, 23 March 2022) Emperor Watch & Jewellery Limited (the “Group” or “Emperor W&J”) (Stock code: 887), a leading retailer of European-made watches and fine jewellery, announced its annual results for the year ended 31 December 2021 (the “Year”).


With the improved business performance in the mainland China and Hong Kong markets, the Group’s total revenue increased by 49.5% to HK$3,926.6 million (2020: HK$2,626.6 million) during the Year. Regarding results by geographical segment, the mainland China market showed a strong rebound during the Year, with revenue from this market increasing by 56.7% to HK$1,227.8 million (2020: HK$783.3 million), accounting for 31.3% (2020: 29.8%) of the total revenue. In Hong Kong, the relatively stabilised pandemic situation provided support to domestic consumption, hence the revenue from the Hong Kong market increased by 38.4% to HK$1,739.3 million (2020: HK$1,256.6 million), accounting for 44.3% (2020: 47.8%) of the total revenue. In terms of revenue by product segment, the sales revenue from watch and jewellery segments increased to HK$3,268.9 million (2020: HK$2,056.2 million) and HK$657.7 million (2020: HK$570.4 million), respectively, accounting for 83.3% (2020: 78.3%) and 16.7% (2020: 21.7%) of the total revenue.


Gross profit increased to HK$1,229.5 million (2020: HK$840.1 million), while the gross profit margin was 31.3% (2020: 32.0%). As a result of the increase in revenue and better operating leverage, the Group’s net profit surged 502.9% to HK$204.7 million (2020: HK$34.0 million) during the Year. Basic earnings per share was HK3.02 cents (2020: HK0.5 cent). The Group has recommended the payment of a final dividend of HK0.35 cent (2020: HK0.15 cent) per share. Together with the interim dividend of HK0.55 cent (2020: Nil) per share, the total dividends for the Year are HK0.9 cent (2020: HK0.15 cent) per share.


During the Year, the Group’s cash position improved and was in a net cash position, hence its net gearing ratio (calculated on the basis of bank borrowings less cash and cash equivalents over net asset value) was zero (2020: 5.1%).


As at 31 December 2021, the Group had a total of 99 stores in Hong Kong, Macau, mainland China, Singapore and Malaysia. During the Year, the Group opened one jewellery store in Hong Kong, and one dedicated watch boutique and five jewellery stores in mainland China, to further expand market coverage.


Ms. Cindy Yeung, Chairperson of Emperor W&J, said, “Although the luxury market has been picking up during the Year, the widespread of Omicron cases in Hong Kong and mainland China has prompted the governments to tighten the social distancing measures and delay the reopening of borders within the Greater China, which in turn dampened market sentiment and impeded full market recovery. On the other hand, cooped-up consumers may tend to pamper themselves with high-ticket consumption amid the pandemic. Coupled with the expansion of the middle-income group in mainland China, we believe that the mainland China market will be an important driver of the Group’s business growth in the near future. The Group will thus continue to enhance its retail network in mainland China through cautious expansion.”


Mr. Ricky Ng, Chief Executive Officer of Emperor W&J, said, “With both opportunities and challenges ahead, the Group will closely monitor the changes in market trends as well as consumer behaviour, so that it can promptly adjust its strategy as appropriate. The Group will also strive to maintain healthy inventory levels by meticulously adjusting the product portfolio and replenishment. Given the importance of social media in product promotions, the Group will continue to showcase and promote its products on mobile apps and social media platforms. Although a full recovery is yet to come, the Group will be prepared in order to reap the benefits when opportunities arise.”



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About Emperor Watch & Jewellery Limited

With long establishment history of 80 years in Hong Kong since 1942, Emperor W&J (887.HK) is a leading retailer principally engages in the sale of European-made internationally renowned watches, and self-designed fine jewellery products under its own brand, “Emperor Jewellery”. Through its comprehensive watch dealership, unique marketing campaigns and extensive retail network at prime locations in Hong Kong, Macau, mainland China, Singapore and Malaysia, Emperor W&J established a strong brand image amongst its target customers ranging from middle to high income groups worldwide. In recognition of its efforts in investor relations communications, Emperor W&J was granted with “Best IR Company” (Small Cap), “Best Investor Presentation Material” (Small cap), “Best IRO” (Small Cap), “Best IR Team” (Small cap) in HKIRA Investor Relations Awards 2021 by the Hong Kong Investor Relations Association. For more information, please visit its website:


Investor/Media Enquiries


Anna Luk

Group Investor Relations Director

Tel: +852 2835 6783



Janice Au

Group Investor Relations Manager

Tel: +852 2835 6799



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