By  on July 9, 2013

SHANGHAI — Hong Kong-based jewelers Chow Tai Fook reported revenues grew 63 percent in its first quarter ended June 30.

The group, which registered gains of 45 percent in its Mainland China stores and 85 percent in its Hong Kong and Macau stores, attributed the spike in revenue mainly to the increase in sales of gold products following a sharp decrease in the price of gold since April.

Same-store sales advanced 48 percent. Again, gold had a major impact with same-store sales growth of gold products up 78 percent.

The group hedges the majority of its gold inventory and plans to maintain a stable hedging ratio of approximately 70 percent for the foreseeable future.

RELATED CONTENT: WWD Earnings Tracker >>

To access this article, click here to subscribe or to log in.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus