Chow Tai Fook sales slip amid consumer uncertainty

Chow Tai Fook sales declined by 11 per cent in same-store sales volume in both Mainland China and Hong Kong & Macau in the December quarter.

However the decline in value was less, at 7 per cent in Mainland China and 6 per cent in Macau.

Retail sales on the mainland rose by 1 per cent, which seems a modest rate given the company opened 259 new points of sale there during the quarter. Total retail sales value in Hong Kong fell by 1 per cent, despite five new stores opening there.

In a stock exchange filing, the company said the decline in same-store sales came “amid an uncertain macro environment”.

In Mainland China, same-store sales of gem-set jewellery declined by 5 per cent, while the average selling price (ASP) fell from HK$6900 in the preceding quarter to $6600.

In Hong Kong and Macau, gem-set jewellery sales fell by 8 per cent and the ASP from $11,800 to $11,500.

Sales of gold products in both markets was affected by a decline in volume growth as the gold price strengthened, the company reported. That drove the ASP from $7000 to $7400 in Hong Kong and Macau and from $3900 to $4300 in Mainland China.


Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

Inside Retail Polls

What do you think of the new Zara logo?

    FREE NEWS BRIEFS Get breaking news delivered