Steady demand lifts Chow Tai Fook sales
Chow Tai Fook Jewellery Group reported stronger overall sales in the second quarter of its fiscal year, on the back of a more stable consumer market.
The company said retail sales were up 26 per cent during the three months ended September 30, 2022, with mainland China, which accounts for 90.7 per cent of the group’s retail business, seeing a 27.8 per cent increase in business. Retail sales in Hong Kong, Macau and other markets rose 11 per cent.
Second-quarter same-store sales in China and Hong Kong and Macau demonstrated a “notable sequential improvement” from the previous quarter, according to the group. Chow Tai Fook also cited a more stable local consumer demand in Hong Kong.
In China, sales of gem-set, platinum and K-gold jewellery dipped 10.5 per cent but those of gold jewellery and other products were up 9.4 per cent.
Meanwhile, sales of gem-set, platinum and K-gold jewellery rose 5.6 per cent in Hong Kong, Macau and other markets while their sales of gold jewellery and other products grew 10.5 per cent.
Chow Tai Fook also reported an “encouraging year” for e-commerce in China, which showed a year-on-year increase of 13.8 per cent during the period in review. Sales volume also grew by 5.9 per cent in Q2.
As of end-September 2022, the group has 6,679 Chow Tai Fook points of sale (POS) and 269 POS for other brands.