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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.
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Tags:
China, Chinese New Year, Chow Tai Fook, holiday sales, Hong Kong, macau, Rapaport News, Valentine’s Day
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