|
|
Chow Tai Fook Cements Return to Growth
Jul 13, 2017 4:20 AM
By Rapaport News
|
|
|
RAPAPORT... Chow Tai Fook continued its recovery in the
first fiscal quarter as revenue grew across its Greater China network, the Hong Kong-based jeweler reported Wednesday.
Retail sales value rose 17% in mainland China and 7% in Hong
Kong and Macau in the three months that ended June 30, the company said.
Same-store sales growth in the two regions amounted to 11% and 5%, respectively.
Same-store sales of gem-set jewelry increased 3% in the mainland but fell 4% in Hong Kong and Macau. Gold sales, by the same measure, rose
16% on the mainland and grew 9% in the jeweler’s home region, driven by a
higher average selling price.
Meanwhile, the average amount customers spent per transaction on gem-set jewelry, calculated
on a same-store basis, rose 1.7% to $781 (HKD 6,100) in mainland China but dropped 16% to $1,383 (HKD 10,800) in Hong Kong and Macau.
Chow Tai Fook has experienced sliding revenues in the past
two years as the Chinese economy slowed and fewer tourists from the mainland
visited Hong Kong to shop. However, performance improved in the
January-to-March period, with retail sales in Hong Kong and Macau recording
their first quarterly increase in three years.
Image:
Tusginewko |
|
|
|
|
|
|
|
|
|
Tags:
China, Chow Tai Fook, Hong Kong, Jewelry, Rapaport News, retail
|
|
|
|
|
|
|
|
|
|
|
|
|