RAPAPORT... Chow Tai Fook Jewellery Group reported unaudited operational data for its first quarter, which ended on June 30, and noted retail revenue growth was 16 percent year on year. However, same-store sales rose only 4 percent. The group did not provide hard totals for these percentages.
By region, comparable-store sales slipped 1 percent year on year for the group's Hong Kong and Macau operations where sales volume of high-end diamond jewelry was weak, according to the company's statement. Same-store sales growth on Mainland China rose 10 percent.
During the quarter, Chow Tai Fook opened 47 new points of sale. Amidst a volatile macroeconomic retail environment, the management has proactively adjusted the product mix to meet the market demand in Hong Kong and Macau, according to the group. Shares in Chow Tai Fook, which began trading in December, closed in Hong Kong on July 18 flat at HKD 9.23. The company's shares are well off their high of HKD 15.16, which was set on January 26.