Chow Tai Fook Jewellery Group Ltd said a positive momentum in the key markets of China, Hong Kong and Macau drove solid growth in its fiscal year 2022.

Profit attributable to shareholders of the company were up 11.4 per cent year on year to HK$6.71 billion (around US$856.10 million), according to its annual results for the year ended March 31, 2022. Revenues meanwhile reached HK$98.93 billion (around US$12. 6 billion) in FY2022, up 41 per cent from 2021 and approximately 14 per cent from 2019. 

The company’s major jewellery markets – mainland China, Hong Kong and Macau – performed strongly during the first three quarters of FY2022. In mainland China, full-year same store sales rose 11.1 per cent and 24.7 per cent in Hong Kong and Macau.

Hong Kong saw a 7 per cent growth amid a fifth wave of Covid cases, which began in February 2022. In Macau, sales were up 97 per cent, driven by recovering tourist spending and stable local consumption. 

Chow Tai Fook attributed its robust fiscal year performance to various offline and online initiatives. The group opened 1,361 points of sale (POS) in mainland China in FY2022, pushing its retail network to 5,902 POS as of end-March.

While it closed six shops in Hong Kong, it opened five POS in markets with stronger retail potential, including Malaysia and Singapore. Chow Tai Fook also ventured into new online channels such as Douyin and Pinduoduo, on top of its smart retailing tool, CloudSales 365. Retail sales value of its smart retail business rose 62.7 per cent in FY2022. 

Chow Tai Fook said it remains cautiously optimistic about growth prospects amid global economic uncertainties as markets remain resilient. In mainland China, the group aims to work more closely with franchisees to tap further into the lower-tier markets.