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Big Rise In Net Profit For Chow Tai Fook Jewellery

 
Big Rise In Net Profit For Chow Tai Fook Jewellery

The Chow Tai Fook Jewellery Group, which is based in Hong Kong and one of the largest jewelry retailers in the world, posted a 46% jump in net profit to approximately $227 million in the first half of fiscal year 2017/2018.

 

The retailer attributed the sharp increase mostly to a solid recovery in the jewelry sector.

The firm reported a 10% increase in same store sales in mainland China, while in Hong Kong and Macau, there was a rise of 9.5%.

Chow Tai Fook said its revenues for the half-year jumped 15% to almost $3.2 billion.

The firm said that the recovery in jewelry sales that started in the second half of fiscal full year 2017 continued into the current fiscal year.

Its online sales soared 120% in the six-month period as a result of stronger link-ups with major online sites, the retailer said.

The retailer also said that expansion in sales was due to its diamond brand – the Chow Tai Fook T Mark – which was launched in August 2016.

 
(Picture credit: IDEX) 

 
 
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