Jan 7, 2014
China jeweller Chow Tai Fook third quarter revenue up 26 percent
Jan 7, 2014
HONG KONG - Hong Kong-listed Chow Tai Fook Jewellery Group Ltd, the world's most valuable jewellery retailer, said on Tuesday its revenue grew 26 percent in the third quarter of fiscal 2014, driven by sales of both gold and gem-encrusted pieces.
Sales in mainland China rose 34 percent and sales in Hong Kong and Macau rose 18 percent in the three months ended Dec. 31, Chow Tai Fook said in a statement to the Hong Kong Stock Exchange. Gold products remained its best-sellers, accounting for 57 percent of total revenue.
Third quarter results are not audited and based on internal records and management accounts.
Most of Chow Tai Fook's customers are Chinese. The jeweller, which competes with Cartier and Tiffany & Co in retailing luxury pieces, is focusing on broadening its customer base by launching more affordable collections with Hello Kitty and Angry Birds themes, as well as on online sales.
Shares in Chow Tai Fook closed up 3.5 percent at HK$11.74 compared with a 0.1 percent rise in the benchmark Hang Seng index.
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