HONG KONG — Chow Tai Fook, the largest jewelry retailer in the world by market value, posted a 26 percent revenue gain in the quarter ended Dec. 31, reflecting strong sales of gold items and gem-set jewelry. Same-store sales grew by 11 percent overall, with growth in Mainland China outpacing Hong Kong and Macau. Chow Tai Fook noted that sales of gem-set jewelry grew by 8 percent during the quarter while sales of gold products advanced 15 percent. The company has been trying to boost sales of gem-set jewelry in recent years since it boasts higher profit margins than gold.RELATED CONTENT: WWD Earnings Tracker >>
Gem-set jewelry accounted for 26 percent of total sales during the third quarter, compared with 17.6 percent of revenue in the first six months of the fiscal year, due to “improving consumer sentiment” as well as sales promotions in Hong Kong and Macau.Sales of gold jewelry “normalized’ to 57 percent of revenue during the third quarter, down from 65.2 percent in the six-month period ending Sept. 30. The company said the wholesale business continued to improve during the quarter as franchisees showed optimism. Chow Tai Fook opened 94 new points of sale during the three-month period for a total of 2,048. The jeweler also said it increased its inventory level in order to meet higher anticipated demand for Chinese New Year later this month, and Valentine’s Day in February.
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