Chow Tai Fook China Sales Rise

By Rapaport News / July 18, 2019 / www.diamonds.net / Article Link

RAPAPORT... Sales in Chow Tai Fook's mainland China storesgrew strongly in the first fiscal quarter, while purchases in Hong Kong andMacau slowed. Retail sales jumped 24% in mainland China in the threemonths ending June 30, with same-store sales - at branches open for at least ayear - rising 11%, the jeweler reported Tuesday. Retail revenues in Hong Kongand Macau fell 6%, while same-store sales slipped 11%. Same-store sales onlyinclude shops that Chow Tai Fook operates itself, as opposed to franchises. "[The] Hong Kong and Macau market was affected by a toughbase comparison and cautious consumer sentiment amid an uncertain [economic]environment," the company said. Gem-set jewelry sales climbed 8% on a same-store basis inChina, but declined 16% in Hong Kong and Macau. Revenue from gold jewelrysurged 12% in China, as the average weight per product sold increased, as didthe average selling price. Sales of gold jewelry dropped 13% in Hong Kong andMacau. The group did not provide exact sales figures. Image: A Chow Tai Fook concept store in Hong Kong. (Wpcpey)

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