5-12-2018
Hong Kong jewellery giant Chow Tai Fook (CTF) reported a 20 percent yoy surge to HK$29,703 million in its interim results for the six months ended 30 September buoyed by a tourist traffic recovery from Mainland China. The retailer’s same-store sales growth in Hong Kong and Macau went up for 24.4 percent and same-store sales in Mainland China rose by 4.9 percent in the period.
CTF opened 233 POS reaching 2,682 stores to capture the market potential in China’s lower-tier cities. The firm’s chairman Dr Henry Cheng said the rising US-China trade tensions and foreign exchange fluctuations could cloud the performance but the group would remain optimistic about the mid-to-long-term prospects of the jewellery market. The Group also opened 4 points of sale in other markets, including Korea, Japan, Malaysia and Singapore.
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