Chow Tai Fook posts double-digit revenue, profit growth

(Source: Chow Tai Fook/Facebook)

Hong Kong-based jewellery group Chow Tai Fook has reported double-digit growth in revenue and profit for FY24, largely thanks to tourism recovery and an improved retail environment.

The group’s revenue for the year ended March 31 was up 14.8 per cent to HK$108.7 billion (US$13.9 billion). 

Core operating profit increased 28.9 per cent to HK$12.1 billion, and profit attributable to shareholders grew 20.7 per cent to HK$6.499 billion.

The group said it had focused on enhancing store productivity and optimising product portfolio, together with disciplined cost management to boost growth.

Retail sales value (RSV) improved 20.4 per cent with growth recorded across all markets, which the group attributed to improved tourism and retail activities.

In Hong Kong and Macau, RSV grew 32.0 per cent and 53.2 per cent respectively, supported by the sustained recovery of inbound tourism. Mainland China registered a 17.3 per cent RSV increase, led by new store openings over the past years, the strength in gold products and high festive demand.

“As Chow Tai Fook Jewellery celebrates 95 years of excellence, we honour our legacy while looking steadfastly towards the future,” said Henry Cheng, chairman of Chow Tai Fook.

“We are in the process of writing an exciting new chapter in our brand’s story, guided by our vision: To be the leading global jewellery brand that is a trusted lifetime partner for every generation.”

The company said it remains confident in the mid- to long-term growth prospects of the Mainland China jewellery market and economy.

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