Chow Tai Fook Posts 26% Jump in Q3 Sales

(IDEX Online News) – Chow Tai Fook Jewellery Group Ltd, the biggest jewelry chain in the world, has reported a 26-percent surge in quarterly sales in the third quarter.

Sales in mainland China soared 34 percent, while sales in Hong Kong and Macau jumped 18 percent.\

“Chow Tai Fook delivered impressive revenue growth of 26 percent in the third quarter thanks to newly opened stores, higher volume growth and more sales of gem sets,” Candy Huang, a Hong Kong-based analyst at Barclays Plc wrote in a research note.

The jewelry firm, which has stores throughout China, plans to open 200 points of sale in its fiscal year that begins in April, said Managing Director Kent Wong.

Chow Tai Fook said said growth in same-store sales, at stores open more than a year, slipped to 11 percent in the three months ended December, compared with 33 percent in first half of the year.

Gold products accounted for almost 60 percent of the retailer’s sales in the third quarter, the firm reported.

The jewelry retailer is attempting to widen its customer base by launching more affordable collections with Hello Kitty and Angry Birds themes, as well as on online sales, according to media reports.