Chow Tai Fook sales still rising

Third-quarter Chow Tai Fook sales have shown continued improvement, with double-digit growth in Hong Kong and Macau.

Similar to the jewellery retailer’s second quarter, same-store sales of gem-set jewellery in Mainland China declined slightly while the same-store average selling price (ASP) improved to HK$7300 (US$930) from $6600 in the previous year’s third quarter.

In Hong Kong and Macau, the improvement in same-store sales was driven by an increase in both volume and ASP. Continuing the momentum of the second quarter, there was double-digit growth in volume. Same-store ASP was $11,800, up from $11,500.

Same-store performance of gold products in both markets was driven by the increase in ASP, attributed to a higher gold price and the average weight of gold product sold.

Same-store ASP was $4100, up from $3700, in Mainland China while for Hong Kong and Macau it reached $7000, up from $6600.

For the quarter, the average international gold price increased by 5 per cent.

In e-commerce, the RSV of the jewellery business in China continued to expand with 57 per cent year-on-year growth in the quarter, accompanied by a volume increase of 20 per cent.

However, the percentage of retail sales for Hong Kong and Macau settled by Alipay, China UnionPay, WeChat Pay or RMB – a proxy for sales contribution from mainland tourists – declined to 42 from 45 per cent.

During the quarter the group opened 77 points of sale – 74 in China and three in Hong Kong, taking its total to 2565 as at the end of December.

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