Hong Kong-listed Chow Tai Fook Jewellery Group has reported revenue of HKD94.6 billion (US$12 billion) for the year, a decline of 4.3 per cent compared to the year before.
Operating profit dropped 5.6 per cent to HKD9.4 billion ($1.2 billion) year on year. Profit attributable to shareholders of the company decreased by 19.8 per cent to HKD5.4 billion ($689,000).
“The pandemic in Mainland China affected all businesses, ours inclusive, particularly in the third quarter,” the company said.
Revenue from Mainland China, which accounts for 86.2 per cent of the group’s turnover, was down by 6.1 per cent year on year to HKD81.6 billion ($10.4 billion). Meanwhile, sales in Hong Kong, Macau and other markets rose by 8.8 per cent, benefiting from China’s border reopening.
The group said it has witnessed a strong sales recovery in Asian countries, including Singapore, Malaysia, Japan and South Korea, as cross-border mobility and local demand surged.
As of March 31, the group had 7269 Chow Tai Fook Jewellery points of sale in Mainland China, surpassing the 7000 target for FY2025. The group has a presence in 14 countries and regions.
“Our future growth plan will focus on quality expansion, enhancing store productivity of existing retail network and delivering exceptional customer experience,” the company said in a statement.
Earlier this year, Chow Tai Fook Jewellery Group appointed Annie Wong as the company’s new chief operating officer to oversee the development of end-to-end value chain efficiencies, strategic planning as well as product and inventory management.
