Chow Tai Fook Posts 63% Jump in Fiscal Q1 Revenues

(IDEX Online News) – Hong Kong-based jewelry retailer Chow Tai Fook reported a sharp rise in sales at all its operations.

Sales at its stores in China surged 48 percent higher in the quarter, while in Hong Kong they rose by 32 percent and soared by 78 percent in Macao. Sales of jewelry set with gemstones rose by 8 percent.

Chow Tai Fook posted a 63-percent rise in group revenue for the year in its first fiscal quarter ending June 30. The group said the rise was a result of consumers buying gold products after gold prices dropped in April.

The retailer said that revenues in Mainland China surged 45 percent, while they rose by 85 percent in Hong Kong and Macau during the first quarter.

The group said it is continuing to focus on expansion in China, and that it opened 17 new points-of-sale in Mainland China, and three in Hong Kong during the quarter. As of June 30, the retailer had 1,856 points-of-sale.

Chow Tai Fook reported that its inventory level declined by around 1 percent during the quarter.

The company said that gold jewelry accounts for more than two-thirds (69 percent) of its revenue, compared with 57 percent in the same quarter of its previous fiscal year.