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Robust Gold Demand Drives Chow Tai Fook Growth
Nov 22, 2017 9:10 AM
By Rapaport News
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RAPAPORT... Chow Tai Fook’s revenue leapt 15% in the first fiscal half amid
rising demand for gold products in Greater China.
Group sales of $3.17 billion (HKD 24.75 billion) for the six
months to September 30 included $1.47 billion (HKD 11.52 billion) in gold
retail sales — a 20% year-on-year jump, according to figures the Hong
Kong-based jeweler released Tuesday. This outweighed a 1.6% drop in retail
sales of gem-set jewelry to $635.6 million (HKD 4.97 billion). The company’s
other revenue came from its wholesale, trading and services businesses.
Gold demand fueled growth both in mainland China, where
same-store sales jumped 10%, and in Hong Kong and Macau, where the increase was
9.5%.
The current fiscal year, ending March 2018, will be a
“turning point for our business given the nascent jewelry market recovery” in
Hong Kong and China, Chow Tai Fook explained. “Although the recovery is gradual
and mild, the industry is expected to return to a stable yet sustainable
growth.”
Profit soared 44% to $234.2 million (HKD 1.83 billion), the
retailer added.
Image: Sorbis/Shutterstock
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Tags:
China, Chow Tai Fook, gem-set jewelry, gold, gold products, Greater China, Hong Kong, Jewelry, mainland china, Rapaport News, retail
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