Chow Tai Fook forecasts near-doubling first-half profit as overseas sales rise and the jewellery retailer targets 100-plus international stores by FY2030.
Hong Kong-based jewellery retailer Chow Tai Fook Jewellery Group expects its net profit to rise by 90% to 100% year-on-year for the first half of fiscal 2027, supported by stronger trading in Hong Kong, Macau and international markets, alongside changes in the valuation of its gold loan contracts.
The forecast covers the six months ended September 30, 2026, and remains subject to review by the company’s auditor, audit committee and board. The anticipated increase reflects both operating performance and a favourable year-on-year movement in the fair value of gold loan contracts.
Trading conditions across the group’s network remained uneven. In mainland China, same-store sales at self-operated stores rose 2.2%, while franchised outlets recorded a 2.9% decline. Hong Kong and Macau delivered stronger growth, with combined same-store sales increasing 29.6%, including gains of 24% in Hong Kong and 47.3% in Macau. International retail sales value rose 31.1% during the latest reported quarter, highlighting the growing contribution of overseas markets.
Chow Tai Fook is pursuing international expansion while restructuring its extensive mainland China store network. The company aims to increase international retail sales value to more than double its FY2026 level by FY2030 and expand its overseas retail footprint to more than 100 stores.
Its international portfolio includes stores in Singapore, Thailand and Australia, with further openings planned across Southeast Asia and North America in fiscal 2027. The group is also exploring opportunities in the Middle East, including markets such as Dubai and Doha, as it seeks to establish a stronger presence in high-potential luxury retail destinations.
The strategy builds on the company’s expansion into prominent shopping centres and premium retail locations. Its international store portfolio includes locations at Jewel Changi Airport in Singapore, Siam Paragon in Bangkok and Westfield Sydney in Australia. These sites provide access to international travellers and local luxury consumers as the brand develops its presence beyond Greater China.
In mainland China, however, the group continues to rationalise its network. During the latest reported quarter, it opened 23 stores and closed 263, representing a net reduction of 240 outlets. The company is also expanding its luxury retail format, with 13 such boutiques operating in mainland China and a target of 50 by the end of fiscal 2030.
For franchise operators, the contrasting performance of self-operated and franchised stores in mainland China will be an important indicator of the effectiveness of the group’s restructuring. The decline in franchise same-store sales suggests that improving performance across the existing network remains a challenge even as the company pursues opportunities in overseas markets.
The company expects to release its FY2027 interim results by the end of November 2026, providing a fuller picture of its financial performance and the progress of its international growth strategy.
