Chow Tai Fook Reports 26% Increase in Q3 Sales

The Chow Tai Fook Jewellery Group Ltd, the largest retail jewelry firm in the world, recorded a 26-percent rise in quarterly sales in the third quarter.
Its sales in China rose 34 percent, and sales in Hong Kong and Macau increased by 18 percent.
“Chow Tai Fook delivered impressive revenue growth of 26 percent in the third quarter thanks to newly opened stores, higher volume growth and more sales of gem sets,” Candy Huang, a Hong Kong-based analyst at Barclays Plc wrote in a research note.
The jewelry firm, which has stores throughout China, plans to open 200 points of sale in its fiscal year that begins in April, said Managing Director Kent Wong.
Chow Tai Fook said growth in same-store sales, at stores open more than a year, slipped to 11 percent in the three months ended December, compared with 33 percent in first half of the year.
Gold products accounted for almost 60 percent of the retailer’s sales in the third quarter, the firm reported.
The Chow Tai Fook Jewellery Group aims to widen its customer base by launching more affordable collections.