Chow Tai Fook enjoys higher sales amid increased demand for gold

(Source: Big Stock)

Chow Tai Fook Jewellery Group enjoyed a 46.1 per cent increase in sales primarily driven by demand for gold jewellery and products during the third quarter ended December 31.

Mainland China’s retail sales value (RSV), which accounted for 84.2 per cent of the group’s sales, rose 42.2 per cent as same-store sales grew 22.7 per cent.

Hong Kong, Macau, and other markets, which shared 15.8 per cent of total sales, saw RSV surge 70.8 per cent as same-store sales jumped 66.6 per cent, benefitting from the Mainland tourist influx and festive demand.

Gem-set, Platinum and K-gold jewellery same-store sales fell 1.9 per cent in Mainland China but inched 4.3 per cent in Hong Kong, Macau, and other markets.

Meanwhile, gold jewellery and products same-store sales swelled by 32.5 per cent in Mainland China and by 104.3 per cent in Hong Kong, Macau, and other markets.

The company noted that its 360-degree global diamond campaign and newly launched Chow Tai Fook Dancing Lily Collection were well-received by the public across its markets.

From December 30 to January 1, the company said it witnessed sustained festive demand in Mainland China, with RSV increasing 60 per cent year over year.

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