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Chow Tai Fook's 4Q Revenue +22%
Apr 10, 2014 6:40 AM
By Deena Taylor
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RAPAPORT... Chow Tai Fook reported unaudited group revenue grew 22 percent year on year, without citing hard totals, for the fourth fiscal quarter that ended on March 31. The retailer cited strong retail sales of mass luxury jewelry products especially gem-set jewels and steady recovery in wholesale revenue in Mainland China. The company noted that sales at new stores in Mainland China and Hong Kong and Macau made a meaningful contribution to group revenue.
Group sales in Mainland China jumped 44 percent, while sales in Hong Kong and Macau fell by 3 percent. Group same-store sales during the quarter increased 4 percent year on year, with China up 15 percent following gradual improvement in consumer sentiment, in line with the group's expectations. In Hong Kong and Macau same-store sales growth declined 9 percent due to reduced customer traffic during the period.
Chow Tai Fook reported that it its product mix during the period was stable compared with the previous quarter. Sales of gem-set jewelry accounted for 24 percent of total revenue, while gold product same-store sales comprised of 57 percent of total sales. The retailer opened 29 new points of sale in the fourth quarter, bringing the total number of stores to 2,077 by the end of the period.
At its wholesale business, the group noted continued improvement as franchisees were optimistic about the business outlook while inventory replenishment demand at existing stores and new stores stayed strong.
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Tags:
Chow Tai Fook, Deena Taylor, Jewelry
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