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Chow Tai Fook anticipates an increase in its profit for the full year, resulting from higher gold prices and a change in its sales mix.
Net profit will climb approximately 45% to 55% for the 12-month period that ended March 31, the Hong Kong-based jeweler said Wednesday.
The company attributes the expected rise to larger-value overall sales, thanks to higher gold prices. It also benefited from a more favorable sales mix at its retail business and stronger demand for fixed-price jewelry.
Disciplined cost management during lower-demand periods also helped Chow Tai Fook’s bottom line, it explained.
In the company’s most recent results, published last month, it reported that sales for the fourth quarter slipped 1.5% year on year even as increased demand in Hong Kong partially offset weakness in China, which comprises approximately 85% of total revenue.
The company will announce its full-year results in June.
Image: A Chow Tai Fook store in Hong Kong. (Shutterstock)
