|The Chow Tai Fook Jewellery Group Limited (Chow Tai Fook) has released is audited annual results for the year ended 31 March 2015 (FY2015).
The group reported total revenue for the year of HK$64.28 billion (US$8.29 billion), down 17 percent compared with the previous year's HK$77.41 billion (US$9.98 billion). Revenue from gem-set jewelry for the period grew to HK$17.39 billion (US$2.24 billion), which, calculated as a percentage of overall revenue, represents an increase of 5.9 percent over the previous year, to 27 percent in FY2015.
Net profit for the year was reported as HK$5.54 billion (US$0.71 billion), down sharply (25.7 percent) from HK$7.45 billion (US$0.96 billion) for FY2014.
Commenting on the group's e-commerce sector, the reports says "We led our e-commerce business to continue its strong trajectory from the year before with a solid RSV [Retail Sales Value] year-on-year growth of 29.3%."
Chow Tai Fook continues to expand, reporting a net addition of 180 Points of Sale (POS) added to the sales network (representing 321 additions and 131 closings), ending FY2015 with a total of 2,257 POS. The bulk of these POS are situated in Mainland China (2,124 POS).According to the announcement, the group plans to add a further 150-160 POS to their network in Mainland China in FY2016, with the focus on opening in what they describe as "lower tier cities", while also planning to upgrade approximately 10 percent of the existing POS to "high-end luxury" or "elegance" style over the next three years "in Tier I and II cities, where customer expectations tend to be higher," says the report.