Hong Kong-headquartered Chow Tai Fook Jewellery Group has enjoyed a 5.8 per cent year-over-year increase in retail sales value in the second quarter of FY24, attributed to the progressive return of mainland tourists.

The jewellery retailer said that Hong Kong and Macau, which contributed 14.1 per cent to the group’s retail sales value, increased 54.1 per cent. Mainland China, which shared 85.9 per cent of the group’s retail sales value, rose 0.6 per cent.

Chow Tai Fook said it witnessed resilient jewellery demand during festive and holiday periods, with sales during Qixi and National Day celebrations in line with management’s expectations.

The group added that targeted young audiences responded well to the new designs it launched during the quarter in partnership with Shaanxi History Museum and Northwestern Polytechnical University.

Meanwhile, same-store sales rose 55.7 per cent in Hong Kong and Macau but slid 12.5 per cent in mainland China.

Same-store sales of gem-set, platinum and K-gold jewellery declined 4.3 per cent in Hong Kong and Macau and 27.7 per cent in mainland China.

Same-store sales of gold jewellery and products surged 89 per cent in Hong Kong and Macau, but slid 9.6 per cent in mainland China.

“Transitioning into a new phase of higher value growth, the group will focus on enhancing earnings quality with margin expansion and improved returns to equity and capital,” said the company.