Chow Tai Fook reports operating profit up 24.7 per cent in fiscal half year
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Hong Kong-listed jewellery chain reports interim operating profit surged 24.7 per cent to HK$2.989 billion (US$382.09 million) for the six months ended September 30
Unveils plans to further expand in the mainland by opening shops in
lower tier cities under franchised model
Hong Kong-listed jewellery chain reports interim operating profit surged 24.7 per cent to HK$2.989 billion (US$382.09 million) for the six months ended September 30
Unveils plans to further expand in the mainland by opening shops in
lower tier cities under franchised model
Chow Tai Fook Jewellery, the world’s largest listed jeweller by market value, said on Thursday that it plans to open 400 new shops in the fiscal year beginning in April this year, with an emphasis on capturing the market potential in secondary cities in China.
While the group foresees a sales slowdown in the remaining months of the current financial year which ends in March, they hope to drive sales through a multi-brand strategy and innovative retail experience.
The company reported operating profit surged 24.7 per cent to HK$2.989 billion (US$382.09 million) for the six months ended September 30.
Earnings per share amounted to 19 HK cents, while the jewellery chain will pay an interim dividend of 15 HK cents per share.
In the fiscal first half Chow Tai Fook’s same store sales in Hong Kong and Macau grew by 24.4 per cent, lifted by higher average prices and rising volume. Same store sales growth in mainland China rose by 4.9 per cent, mainly driven by an increase in the average selling price.
The group aims to further expand its extensive retail network in China, executive director Adrian Cheng Chi-kong said during the results briefing on Thursday evening.
