Financial News
Alrosa’s April Sales Down, But Demand for Diamond Expected to Jump in Q3
In April, the miner has remained “committed to its price over volume strategy”
19.05.2020
CHOW TAI FOOK EXPANDED IN CHINA – AND SALES WENT UP SHARPLY
The jeweller increased its sales in the fiscal year by 13% to $8.5 billion
Hong Kong based jeweller Chow Tai Fook Group has announced its sales for the fiscal year ending March 31, 2019, showing an increase of 13% to $8.5 billion in sales for the period, according to Rough & Polished. Net profit increased 11% to $597.4 million for the year.
During the period, the group added a net 549 new points of sale in mainland China, totalling to 3,134 as of March 31. Retail sales in mainland China went up 8% to $3.88 billion. Sales revenue in Hong Kong and Macau jumped 12% to $2.94 billion. Same-store sales in mainland China went up 3.4% and 9% in Hong Kong and Macau.
Gold was the company’s strongest seller during the period, with sales of gold jewellery going up 13% to $4.07 billion for the year. Revenue from gem-set jewelry rose 4.5% to $1.55 billion.
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