Chow Tai Fook Jewellery shines as profit grows 11% in 2022
Profit rose to HK$6.71b during the year ended March 2022.
Chow Tai Fook Jewellery increased 11.4% to HK$6,71b in the year ended March 2022, up from HK$6.02b.
The Group attributed the profit increase to the positive growth momentum in Mainland China, as well as Hong Kong and Macau in the first three quarters of the year.
Full-year same store sales (SSS) in Mainland China grew 11.1% whilst Hong Kong and Macau saw their SSS jump by 7% and by 96.9%, respectively.
The Group’s revenue registered a 41% increase to HK$98.93b in FY 2022. This reflected a compound annual growth rate of approximately 14% from 2019.
Moreover, Chow Tai Fook Jewellery reported its retail network expanded to 5,902 POS, as of March 2022. In Mainland China alone, 1,361 POS were opened during the year; whilst a net of 6 POS were recorded in Hong Kong and a net of 5 POS across other markets, such as Malaysia and Singapore.
Moving forward, the Group remains “cautiously optimistic” as the impact of the pandemic and other economic uncertainties linger.
“Amid an ever-changing business environment, we are ready to take our business to the next level, leveraging on the foundation we have built together over time,” Henry Cheng, Chairman of Chow Tai Fook Jewellery Group, said.