AS Watson Remarkable Annual Results in 2023

CK Hutchison Holdings (CKHH) has announced its 2023 annual results, revealing impressive growth in AS Watson (ASW). ASW's total revenue, EBITDA, and EBIT have demonstrated solid increases, driven by robust performances in Asia and Europe.

ASW operates 16,491 stores across 28 markets, with the addition of over 870 new stores in 2023. Its total revenue, EBITDA, and EBIT showed notable growth of 8%, 13%, and 17% respectively in reported currency. In local currencies, these figures increased by 8%, 11%, and 14%.

The Health and Beauty segment, which represented 87% of ASW's revenue last year, achieved total sales growth in local currencies of 12% from a strong 10% growth in comparable stores sales. The segment's EBITDA and EBIT experienced substantial growth, with increases of 15% and 18% respectively in local currencies compared to last year.

Looking ahead, AS Watson will continue to enhance customer engagement and lifetime value, prioritising store quality over quantity and maintaining a short payback on store opening, as well as delivering top line growth through its O+O platform strategy.