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Chow Tai Fook China Sales Rise

First-quarter retail revenue up 24%.
Jul 18, 2019 3:27 AM   By Rapaport News
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RAPAPORT... Sales in Chow Tai Fook’s mainland China stores grew strongly in the first fiscal quarter, while purchases in Hong Kong and Macau slowed.

Retail sales jumped 24% in mainland China in the three months ending June 30, with same-store sales — at branches open for at least a year — rising 11%, the jeweler reported Tuesday. Retail revenues in Hong Kong and Macau fell 6%, while same-store sales slipped 11%. Same-store sales only include shops that Chow Tai Fook operates itself, as opposed to franchises.

“[The] Hong Kong and Macau market was affected by a tough base comparison and cautious consumer sentiment amid an uncertain [economic] environment,” the company said.

Gem-set jewelry sales climbed 8% on a same-store basis in China, but declined 16% in Hong Kong and Macau. Revenue from gold jewelry surged 12% in China, as the average weight per product sold increased, as did the average selling price. Sales of gold jewelry dropped 13% in Hong Kong and Macau. The group did not provide exact sales figures.

Image: A Chow Tai Fook concept store in Hong Kong. (Wpcpey)
Tags: Chow Tai Fook, gem-set jewelry, Gold jewelry, Hong Kong and Macau, Rapaport News
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