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Chow Tai Fook's Retail Sales -10% in 2Q
Oct 19, 2014 6:36 AM
By Deena Taylor
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RAPAPORT... Chow Tai Fook reported that group retail sales fell 10 percent year on year in the second fiscal quarter that ended on September 30. The retailer stated that the decrease was due to the high base effect caused by the gold rush, which began during the first quarter one year ago as a result of the sharp drop in international gold prices.
Group retail sales in Mainland China fell by 2 percent and declined by 20 percent in Hong Kong, Macau and other Asian markets. The company did not disclose total sales figures for the period.
Group same-store sales decreased by 20 percent year on year during the period, with comparable-store sales in China down by 12 percent. In Hong Kong, Macau and other Asian markets same-store sales declined by 29 percent. Chow Tai Fook attributed the slightly better performance in China to the relatively lower base effect compared with the other Asian markets, coupled with better consumer sentiment in China for gem-set jewelry during the period.
Chow Tai Fook's same-store sales growth of gem-set jewelry was flat, while gold product same-store sales decreased by 33 percent.
Chow Tai Fook noted that it improved its product mix during the period with a greater focus on gem-set jewelry compared to the same period one year ago. Gem-set jewelry accounted for 28 percent to the group's total retail sales, while gold product sales contributed 49 percent of the group's total retail sales.
Chow Tai Fook opened 58 new points of sale in the second quarter, including three in Hong Kong, Macau and other Asian markets. The company had 2,181 points of sale as of September 30.
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Tags:
Chow Tai Fook, Deena Taylor, diamonds, gem-set jewelry
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