Global jewellery retailer Chow Tai Fook has reported an increase in revenue over the past financial year, with notes concerning improving consumer sentiment.
Chow Tai Fook reported a 5 per cent increase in sales for the 12 months ending 31 March, with a statement crediting this performance to a new ‘store-optimisation’ strategy. This included opening new stores in high-end shopping centres and a renewed focus on branded products.
Profit increased by 52 per cent, with the company noting that improving consumer confidence and tourism to Hong Kong were contributing factors.
“The Chinese mainland is well-positioned for stronger business momentum in the next three to five years,” the company explained.
Same-store sales increased by 7 per cent in mainland China and 17 per cent in Hong Kong and Macau. Sales of gold jewellery increased 3 per cent, while fixed-price jewellery spiked by 16 per cent.
As of March 31, Chow Tai Fook operated more than 5,500 points of sale in China and 96 locations in Hong Kong and Macau. Earlier this year, the company announced its plans to expand into the Australian market.
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