Chow Tai Fook Jewellery Group Ltd said full-year net profit grew by double-digits in 2017, on the back of increased sales held up by tourism growth in mainland China.
China’s largest jeweller said last week it recorded the highest yearly profit in three years, as net profit rose to HK$4.10 billion for the year ended in March from HK$3.06 billion a year earlier.
Revenue for the same twelve months lifted 15.4% to $59.16 billion from $51.25 billion in the same period a year earlier. By region, revenues in mainland China jumped 16% to 8.1 billion, while revenue from Hong Kong and Macau climbed 7% $20.63 billion.
The company also operates a wholesale business, which accounted for 18% of overall revenue.
Same-store sales domestically saw an uptick of 8% for the year. In nearby Hong Kong and Macau, jewellery comparable sales witnessed double-digit growth, up 10.2%.
By category, total sales of gem-set jewellery rose 5% to $11.66 billion for the year, while revenue from gold surged 15% to $28.16 billion.
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During the year, the retailer added a net 204 new outlets, primarily in mainland China, and had 2,585 points of sale as at 31 March.