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Chow Tai Fook’s SSS in Mainland China up 11%; down 11% in Hong Kong& Macau

22 july 2019

chow_tai_fook _logo.pngChow Tai Fook Jewellery Group Limited’s operational data for the three months ended 30 June 2019 has indicated that same store sales (SSS) grew by 11% in Mainland China, but fell by 11% in Hong Kong & Macau, as per media reports.
According Chow Tai Fook (CTF), the sales in the Hong Kong & Macau markets were impacted by cautious consumer sentiment amid an uncertain macro-environment.
While overall retail growth in Mainland China was 24%, largely driven by the addition of 115 points of sale (POS) in the country, in volume terms, SSS growth declined 3%. The value of gem-set jewellery in the Mainland was up 8%, while it rose by 12% in the case of gold products, attributed to the increase in average weight per gold product sold.
In Hong Kong and Macau, SSS of gem-set jewellery decreased by 16% during the quarter as consumers held back spending. Same store Average Selling Price (ASP) of gem-set jewellery was HK$ 10,100 in comparison to HK$ 11,000 in 1Q of FY2019.
ASP of gold products jumped to HK$ 4,800 (1QFY2019: HK$ 3,900) in Mainland China and HK$ 8,600  as against HK$ 7,900 in 1Q of FY2019 in Hong Kong and Macau during the quarter. The average international gold price during this period was flattish when compared to the same period last year.
The Group opened a net of 115 POS in Mainland China during the Quarter, including a net opening of 113 Chow Tai Fook Jewellery POS in which 18 are self-operated and 95 are franchised. Three Chow Tai Fook Jewellery POS were opened in Singapore, Korea and the Philippines. As at 30 June 2019, the Group had 3,248 POS in total.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished