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Chow Tai Fook 3Q Sales -11% amid Hong Kong Slump
Jan 10, 2016 7:12 AM
By Rapaport News
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RAPAPORT... Chow Tai Fook reported group retail sales dropped 11
percent year on year in the third quarter that ended December 31 as fewer
tourists from mainland China visited Hong Kong and on account of weaker local
retail sentiment in Hong Kong and Macau.
Same-store sales at the Hong Kong-listed group dived 15
percent in value terms and slid 13 percent on a volume basis, according to a
statement January 8. Hong Kong and Macau retail sales suffered the steepest decline,
falling 20 percent in total value. Same-store sales in the region plummeted 23
percent by value and 21 percent by volume.
The company said its results look better if measured on
the basis of constant foreign-exchange rates, pointing to a 9 percent drop in total
group retail sales.
Sliced on the basis of products, the steepest decline was
in same-store sales for gold products, which fell 14 percent group-wide as Hong
Kong and Macau declined 24 percent and mainland China 3 percent. Same-store
sales of gem-set jewelry fell 12 percent across the company, 16 percent in Hong
Kong and Macau and 7 percent in mainland China.
Gold products accounted for 56 percent of total revenue, making
it the largest product category for Chow
Tai Fook, which opened 31 new stores in the quarter under review. It was
followed by gem-jewelry jewelry, which made up 28 percent of sales. Platinum
and karat-gold products were 12 percent of overall sales and watches 4 percent.
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Tags:
China, Chow Tai Fook, data, Hong Kong, macau, Rapaport News, results, retail, retail sales
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