Hong-Kong based Chow Tai Fook Jewellery has announced its annual results for the fiscal year ended March 31,2018. According to Gem Konnect, the company’s revenues jumped 15.4% year-on-year to HK$59.16 billion ($7.54 billion). The company attributed the rise to the upward momentum in the Chinese retail market.
Gross profit was HK$16.21 billion ($2.07 billion), up slightly from HK$14.96 billion ($1.91 billion) in fiscal 2017, and core operating profit jumped 20.6% to HK$5.61 billion ($714.54 million) from fiscal 2017’s HK$4.65 billion ($592.57 million); the rise is attributed to “encouraging business performance and operating leverage”.
In Hong Kong and Macau, same store sales grew 10.2%, driven by a growth in both average selling price and volume in both markets. In Mainland China, an 8% same store sales growth was reported. In addition, the company “opened a net 204 points of sales during the year, bringing the total to 2,585 as of March 31”.
