Hong Kong jewelry retailer Chow Tai Fook has announced an end to the slide in profits it has witnessed over several quarters.
Chow Tai Fook published its financial results for the fiscal year ended March 31, 2017, showing a rise of 5.8% year-on-year to HK$3.2 billion (US $404 million). According to Gem Konnect, China contributed 60% of the group’s revenue in fiscal 2017.
The company said in a statement: “In response to changing customer preferences and market uncertainties, we remained focused in seizing business opportunities and enhancing store productivity through optimising our network portfolio […] Leveraging the strength of our business model and employing state-of-the-art technology, we spearheaded innovation to deliver extraordinary products, services and experience to our customers. Our Smart+ initiatives had also supported us in fostering online-to-offline (O2O) interactions, further enhancing our operational efficiency and staying responsive to the ever- changing retail landscape”.
