RAPAPORT... Chow Tai Fook’s sales grew in the second fiscal half amid a recovery in consumer sentiment in Greater China, the retailer reported.
The 4.4% increase to $3.8 billion (HKD 29.72 billion) was the Hong Kong-based jeweler’s first improvement in half-year revenue since 2014, according to Rapaport records. Sales in mainland China grew 7% year on year for the six months that ended March 31, while revenue from Hong Kong and Macau crept up 0.8%, the company said Thursday.
The growth followed a 23.5% slump in group sales during the first fiscal half — which ended September 30, 2016 — amid a market slowdown and a decline in Chinese tourism to Hong Kong. As that decline started reversing in the autumn, the second half was significantly stronger than the first.