Chow Tai Fook reported that the Group's earnings for the first fiscal quarter jumped 63% on a year-on-year basis, as consumers began actively buying up gold after falling prices in April, Rapaport reports. Chow Tai Fook's revenue from sales in mainland China increased by 45% compared to the same period last year, while sales in Hong Kong and Macao jumped 85% in the quarter ended June 30, The company does not provide updated sales statistics.
Stock prices Chow Tai Fook on the Hong Kong area rose Wednesday by 10% to 8.89 Hong Kong dollar apiece. Meanwhile, since the beginning of the year, Chow Tai Fook shares have lost about 32% in price.
Chow Tai Fook continues to focus on expanding the retail network in China, for the reporting quarter, 17 network retail outlets in China and three in Hong Kong were opened. As of June 30, the company owned 1,856 outlets.
Sales in comparable stores Chow Tai Fook for the past quarter increased by 48% on a year-on-year basis, while sales in China increased by 32%, and in Hong Kong and Macao - by 68%. By product categories - sales of gold jewelry jumped 78%, while sales of jewelry products increased by 8%.