BRIEF: China Tourism Group Duty Free’s revenue, profit decline in 2024

Duty free store operator China Tourism Group Duty Free Corp. Ltd. (1880.HK) said on Thursday its revenue and profit both dropped by double-digit amounts last year, as Chinese consumers reined in their spending in response to the nation’s slowing economy.

The company said its revenue fell to 5.65 billion yuan ($771 million) last year, down 16.4% from 2023, while its net profit fell 36.5% to 426 million yuan over that period. The company said it continued to develop its presence in the important Hainan tourism market and continued with other new initiatives, even as the broader economic environment remained challenging.

“As a next step, the company will actively seize the favorable opportunities presented by vigorous national efforts to boost consumption and expand domestic demand comprehensively,” it said.

By Doug Young

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