Sales rose at Chow Tai Fook in the fourth fiscal quarter as the Hong Kong-based jewelry retailer saw increased holiday purchasing and the return of visitors to the municipality.
“During the fourth quarter, both mainland China and Hong Kong and Macau were benefited from strong festive demand,” the company said Friday. “In Hong Kong, the continued recovery of inbound tourism has been supportive to our business.”
Retail sales grew 12% for the three months that ended March 31, reflecting a 12% increase in China and a 13% hike in other markets, the jeweler reported. Despite being headquartered in Hong Kong, Chow Tai Fook derives most of its revenue from the mainland — around 89% for the quarter.Same-store sales in Hong Kong and Macau — at shops that had been open for a year — rose 4.5%. On the mainland, sales slipped 2.7% by this measure, which excludes franchise stores.
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