Chow Tai Fook Sales Rise in China and Hong Kong

RAPAPORT... Retail sales at Hong Kong-based jeweler Chow Tai Fook rose 56% year on year in the second fiscal quarter as consumer demand persisted.The mainland China business drove the growth during the three months ending September 30, as did sales of gold jewelry, according to data the company released Tuesday. However, Hong Kong also saw an improvement relative to last year, as the worst of the Covid-19 crisis had receded. Retail sales soared 58% on the mainland, which accounts for around 90% of total proceeds. Sales gained 39% in other markets - mainly Hong Kong and Macau, two tourist hubs that have witnessed a sharp drop in visitors during the pandemic. "Both mainland China...and Hong Kong and Macau continued with an encouraging positive same-store-sales growth trend," the retailer said.Same-store sales on the mainland rose 23%, "supported by steady consumer sentiment," while Hong Kong and Macau witnessed 58% growth by the same metric "thanks to a solid local consumer demand and a low comparison base," the company added. In Hong Kong alone, same-store sales advanced 35%. Meanwhile, same-store sales of gold products - including jewelry - leaped 49% in mainland China and more than doubled in Hong Kong and Macau. Same-store sales of gem-set jewelry and similar items fell 8% in mainland China due to the comparison with last year's rebound, while in Hong Kong and Macau they climbed 15%.Image: A Chow Tai Fook store on Qianmen Street, Beijing, China. (Chow Tai Fook)