Mannings newly opened store in Tai Wai, Hong Kong
Sales of Goods (US$)
2.4 billion
Operating Profit (US$)
213 million
Store Network*
2,694 stores
Business Review
Health and Beauty division revenue increased by 21% to US$2.4 billion, with LFL sales growing by over 20%. Underlying operating profit increased by 127%, to US$213 million for the year.
Mannings newly opened store in Tai Wai, Hong Kong
Health and Beauty division revenue increased by 21% to US$2.4 billion, with LFL sales growing by over 20%. Underlying operating profit increased by 127%, to US$213 million for the year.
In Hong Kong, the Mannings business benefitted from the recovery in the economy and increased tourism traffic. LFL sales was consistently strong over the course of the year and the team continues to execute well in stores, which supported positive market share momentum. Healthcare as a category performed strongly, representing over 50% of Mannings’ revenue. Mannings’ profit increased significantly due to strong sales growth, gross margin expansion, operating leverage and ongoing strong cost control. In Macau, Mannings also reported double-digit LFL growth, which supported strong profit growth.
Caring Passionately Award – Crystal Award winner, Steven Fok from Mannings Hong Kong, serving a customer at our Mongkok store
The brand-new Guardian flagship store at Mid Valley Megamall in Kuala Lumpur, Malaysia
Guardian Indonesia’s team member Annisa Zahwa with a customer at Lippo Mall Puri, Jakarta
Mannings Pharmacy at Airside, Kai Tak, Hong Kong
Mannings’ Pharmacist, Nathan Lam, helping a customer with the recently launched AI Wellness Scan service in Hong Kong
Caring Passionately Award – Crystal Award winner, Steven Fok from Mannings Hong Kong, serving a customer at our Mongkok store
The brand-new Guardian flagship store at Mid Valley Megamall in Kuala Lumpur, Malaysia
Guardian Indonesia’s team member Annisa Zahwa with a customer at Lippo Mall Puri, Jakarta
Mannings Pharmacy at Airside, Kai Tak, Hong Kong
Mannings’ Pharmacist, Nathan Lam, helping a customer with the recently launched AI Wellness Scan service in Hong Kong
Guardian’s sales performance in South East Asia was driven by LFL sales growth in Indonesia and Malaysia, although growth did slow in the second half. Guardian’s profit also increased significantly in the year. Strong profit growth was reported across all key markets, supported by gross margin expansion and operating leverage. Performance in Indonesia was driven by a recovery in mall traffic, increased demand for beauty products and strong execution of marketing and promotion campaigns in stores. Malaysia performance was supported by strong marketing campaign execution, competitive healthcare pricing and range innovation. Strong commercial execution and changes in product mix supported gross margin expansion in Singapore. During the year, Guardian continued to grow its store network and opened 138 stores. Driving digital growth was also a focus, with e-commerce orders growing over 70% compared to the prior year and fulfillment capability upgraded in both Singapore and Malaysia.
