Chow Tai Fook Jewellery Group has posted an uplift in retail sales value (RSV) for the fourth quarter thanks to strong festive demand in primary markets.
The company’s RSV grew 12.4 per cent for the three months ended March 31, attributed to higher demand in Mainland China, Hong Kong and Macau during the Lunar New Year.
On the Mainland, RSV increased 18.3 per cent, supported by the ramp-up of in-store productivity, quality store openings over the past 12 months and an optimised portfolio of strong-performing stores. Meanwhile, same-store sales were down 2.7 per cent due to the high base last year.
In Hong Kong, Macau and other markets, RSV rose 12.8 per cent despite a very high base in the year-ago period, largely thanks to the continued recovery of inbound tourism. Same-store sales grew 8.9 per cent in Hong Kong but fell 7.1 per cent in Macau.
The group said demand for gold jewellery and products remained resilient in the quarter due to the growing interest in gold jewellery among young consumers. The consumption of gem-set jewellery was more cyclical and muted amid the current macro environment.
