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Chow Tai Fook Cements Return to Growth

Jul 13, 2017 4:20 AM   By Rapaport News
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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
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