Group revenue at Chow Tai Fook rose for the full fiscal year amid an expansion of the company’s mainland China operations and improved consumer sentiment.

Sales jumped 24% to HKD 70.16 billion ($9.04 billion) for the 12 months ending March 31, the company said Tuesday. The increase reflects a favorable comparison with the same period in 2020, when the coronavirus pandemic forced numerous stores to close. However, revenue was still up 5% from 2019. Profit for the period more than doubled to HKD 6.18 billion ($796 million) from HKD 2.98 billion ($384.5 million) a year earlier.

Revenue in China leaped 47% to HKD 59.7 billion ($7.69 billion) as Chow Tai Fook opened a net 746 new stores on the mainland. Rising consumer confidence resulting from the improved health situation also buoyed sales, as did the lower price of gold, the company noted. During the year, mainland China accounted for 85% of the company’s total revenue.

Sales of watches grew 55% for the full year, boosted by growth in domestic demand within China as international travel restrictions remained in place.

In Hong Kong, Macau and other markets, revenue fell 35% year on year to HKD 13.24 billion ($1.71 billion) due to a challenging macroeconomic situation and the continued closure of Hong Kong’s borders to tourists. The company shut five stores in tourist shopping areas, it noted.

Chow Tai Fook intends to focus on expanding its mainland China retail network, as it continues to see more stability there than in Hong Kong.

“As we are optimistic about the mid- to long-term growth in the mainland China market, we will focus on mainland China’s business development in the coming future,” the jeweler said. “Though the Hong Kong and Macau markets are facing multiple challenges currently, we believe that the domestic market has bottomed out as the pandemic situation is expected to become more stable. When the major border crossings reopen, the number of [visitors] and [the] retail market will gradually recover.”