Sales in Chow Tai Fook’s mainland China stores grew strongly in the first fiscal quarter, while purchases in Hong Kong and Macau slowed.
Retail sales jumped 24% in mainland China in the three months ending June 30, with same-store sales — at branches open for at least a year — rising 11%, the jeweler reported Tuesday. Retail revenues in Hong Kong and Macau fell 6%, while same-store sales slipped 11%. Same-store sales only include shops that Chow Tai Fook operates itself, as opposed to franchises.
“[The] Hong Kong and Macau market was affected by a tough base comparison and cautious consumer sentiment amid an uncertain [economic] environment,” the company said.
Gem-set jewelry sales climbed 8% on a same-store basis in China, but declined 16% in Hong Kong and Macau. Revenue from gold jewelry surged 12% in China, as the average weight per product sold increased, as did the average selling price. Sales of gold jewelry dropped 13% in Hong Kong and Macau. The group did not provide exact sales figures.