Advanced Search

Chow Tai Fook’s Holiday Sales Jump in China

Feb 7, 2017 10:04 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

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.
Tags: China, Chinese New Year, Chow Tai Fook, holiday sales, Hong Kong, macau, Rapaport News, Valentine’s Day
Similar Articles
Bharat Diamond BourseIndia’s Diamond Trading Jumps in December
Jan 19, 2022
India’s polished-diamond exports rose 3% year on year to $1.77 billion in December as the market continued to strengthen during
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2022 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.