Record Profits for Chow Tai Fook
June 18, 26
(IDEX Online) - Chow Tai Fook reported record-high profits for fiscal year 2026, even as the latest quarter showed weakness in mainland China.
Revenue for the 12 months to 31 March 2026 was HK$94.4 billion (US$12.1 billion), up 5.3% from the previous year, according to results published on 11 June.
Operating profit for China's biggest jewelry retailer surged 27.8% to HK$18.9 billion (US$2.4 billion), while net profit jumped 52.2% to HK$9.0 billion (US$1.15 billion), marking a record high.
During the year, CTF closed 969 under-performing stores in mainland China, almost a fifth of its total store count.
The Hong Kong-based company has opened new stores which, it says, are generating two to three times more revenue per month.
The recovery has also been helped by a brand transformation and rising gold prices. The company opened its first global flagship store in Hong Kong in February 2026.
CTF's performance slipped, however, in the final quarter of FY2026, from January to March, when total retail value declined 1.5% year-over-year, largely due to volatile gold prices.