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Chow Tai Fook’s Holiday Sales Jump in China

Feb 7, 2017 10:04 AM   By Rapaport News
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RAPAPORT...
Chow Tai Fook said sales from the mainland outperformed those in Hong Kong during the Chinese New Year holiday period.

Retail revenue from mainland China jumped 4 percent during January 14 to February 3, which covers the two-week run-up to the festival and the first seven days of the New Year. Same-store sales rose 1 percent.

Sales of gem-set jewelry on the mainland dropped 20 percent as Valentine’s Day was not included in the holiday period this year, the Hong Kong-based retailer explained. Total  mainland revenue still rose as stronger gold sales outweighed the weaker gem-set segment.

By contrast, total retail sales in Hong Kong and Macau fell 11 percent, with same-store sales down 7 percent and gem-set jewelry revenue plummeting 37 percent.

“Same-store sales performance of gem-set jewelry in Hong Kong and Macau was dragged by the decline in the average selling price due to some big-ticket sales transactions in the corresponding period last year,” the company said.

The results mirror Chow Tai Fook’s figures for the October-to-December period of 2016, during which retail sales in mainland China increased 7 percent, while Hong Kong and Macau revenue fell 6 percent.
Tags: China, Chinese New Year, Chow Tai Fook, holiday sales, Hong Kong, macau, Rapaport News, Valentine’s Day
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