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Chow Tai Fook 2Q Sales +4%, Same-Store Sales -3%

Oct 11, 2015 9:17 AM   By Rapaport News
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RAPAPORT... Chow Tai Fook Jewellery Group reported a 4 percent year-on-year increase in retail sales for its overall business in the three months to September 30, attributing the growth to a surge in demand for gold products amid a drop in the metal’s price since mid-July.

The Chinese retailer’s same-store sales for the second fiscal quarter fell 3 percent in value terms and rose 1 percent in volume terms, the companies said in a statement. It did not disclose figures beyond the percentage changes.

The company’s strongest growth figures were in Mainland China, where sales were up 9 percent in value and 13 percent in same-store volume, while same-store sales jumped 6 percent.

Hong Kong and Macau results were worse, with the value of sales slipping 5 percent and same-store revenue plunging 13 percent. The volume of same-store sales tumbled 18 percent. A company statement said that while sales of gold products in Hong Kong and Macau were up 4 percent, the “continuing lackluster retail market sentiment” resulted in “weak” same-store sales performance. Same-store gem-set jewelry sales in the region saw a 24 percent slide.

Gem-set jewelry sales in the overall business were down 13 percent, including a 4 percent drop in Mainland China. Gold products fared better in both regions, with same-store sales in Mainland China rising 22 percent. Gold products made up 57 percent of the company’s total retail sales value, compared with 26 percent from gem-set jewelry, 13 percent from platinum and karat gold products and 4 percent from watches. The group said the gold figure was 8 percentage points higher than the same period last year.

It also said the company had opened a net of 16 points of sale during the period, comprised of 14 in Mainland China and two in Hong Kong, Macau and other markets, bringing its total number of points of sale to 2,286 on September 30.

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Tags: China, Chow Tai Fook, earnings, Rapaport News
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