‘Remarkable’ growth for Chow Tai Fook Jewellery
After 13 consecutive quarters of decline, gemset jewellery same-store sales in Hong Kong and Macau have turned positive for Chow Tai Fook Jewellery Group’s second quarter.
This is primarily attributed to “remarkable” volume growth for the three months to the end of September.
Meanwhile, in Mainland China, strengthened co-operation with major online partners has seen the retail sales value of e-commerce jewellery business burgeon 104 per cent year on year with a robust volume increase of 92 per cent.
Both retail sales value and same-store sales performance have continued to improve in all three markets, although the average selling price overall eased to HK$10,700 (US$1370) from $12,600 in the same quarter a year ago.
There was also a slight decline in same-store sales of gemset jewellery in China while the same-store average selling price improved to $6500 from $6100.
Gold-product sales improved overall, the same-store average sales price up $300 to $3600 in China, with Hong Kong/Macau sales growing to $7100 from $6800. This was despite the average international gold price declining by 4 per cent for the quarter.
Points of sale increased by 79 during the quarter with 83 openings in China and one in Macau, plus four closures in Hong Kong and one in Taiwan. This brought the total to 2400 as at September 30.