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Chou Tai Fook shares climb on back of rising mainland sales
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SHARES of jewelry chain Chou Tai Fook increased to the highest level in two months after it reported a strong performance in the last fiscal year that was driven by growing sales on China's mainland.
Chou Tai Fook shares jumped 5.8 percent to close at HK$11.66 today.
Profit in the year ended on March 31 rose 32 percent to HK$7.3 billion (US$942 million).
The company’s revenue jumped 34.8 percent annually to HK$77.4 billion, and same-store sales climbed 19 percent from the year-earlier period, it said in a stock exchange filing today.
During the fiscal year, the jewelry chain's outlets on China's mainland contributed 54.5 percent of sales. Mainland sales soared 34.8 percent over the same period last year due to an increase in sales of gold products.
The jewelry chain said it plans to open 200 new outlets on the mainland, mainly in lower-tier cities.
Deborah Aitken, senior analyst at Bloomberg Industries, said: "The continued migration from rural areas to cities in China and rising disposable income will continue to drive luxury goods sales."
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