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Chow Tai Fook Reports Strong Third Quarter
Jan 7, 2014 1:38 PM
By Brian Bossetta
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RAPAPORT... Chow Tai Fook announced significant increases in sales for the third quarter that ended on December 31. Revenue grew 26 percent year on year in the third quarter due to strong sales of mass luxury jewelry, according to the company, though hard totals were not provided. Group same-store sales rose 11 percent by value and jumped 32 percent by volume.
The Hong Kong-based jeweler also attributed the quarter's growth to strong sales in new stores both in Hong Kong and Mainland China.
Same-store sales of gem-set jewelry grew 8 percent with gold jewelry coming in with 15 percent growth. Chow Tai Fook also reported improvement in its wholesale sector and said that inventory replenishment demand remained strong at new and existing stores.
Sales of gold products contributed to 57 percent of the company's revenue. Gem-set jewelry represented 26 percent, a figure the company said reflected improving consumer sentiment and sales promotions for the annual third-quarter mega sale in Hong Kong and Macau.
To meet higher demand of jewelry goods for the Chinese New Year and Valentine's Day, the group increased its inventory level in the third quarter.
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Tags:
asia, Brian Bossetta, China, Chow Tai Fook, Hong Kong
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