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Hong Kong Growth Boosts Chow Tai Fook
Jul 19, 2018 9:23 AM
By Rapaport News
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RAPAPORT... Chow Tai Fook’s sales grew strongly in the first fiscal
quarter due to stronger consumer sentiment in Hong Kong and increased tourism
to the municipality from mainland China.
Retail sales jumped 21% in Hong Kong and Macau in the three
months ending June 30, while same-store sales — at branches open for at least
year — surged 26%, the jeweler reported last week. Mainland retail sales
increased 11%, with same-store sales up 4%. Same-store sales only include shops
that Chow Tai Fook operates itself, as opposed to franchises.
“[The] Hong Kong and Macau market recorded…impressive growth
during the quarter, benefiting from…improving local consumer spending and
reviving [tourism from the] mainland,” the company said.
Gem-set jewelry sales leaped 26% on a same-store basis in
Hong Kong and Macau, reflecting a higher volume and average sales price.
Revenue from those products slipped 4% on the mainland, where gold demand
accounted for much of the overall growth. The average international price of
the yellow metal rose 4% year on year during the quarter, driving a 31% sales
increase for that category in Hong Kong and Macau and an 11% rise in mainland
China, the retailer explained. The group did not provide exact sales figures.
Image: Eepfarshr
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Tags:
Chow Tai Fook, Consumer sentiment, gold, Hong Kong, Jewelry, macau, mainland china, Rapaport News, retail, same-store sales, tourism
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