Chow Tai Fook Jewellery Group Ltd reported a 4 percent increase in sales in China during the Chinese New Year holidays.
Same store sales in the mainland from January 14 to February 3 increased 1 percent while sales of gold products were up 14 percent.
“Same store sales of gem-set jewellery in mainland China declined by 20 percent as Valentine’s Day was not included in the CNY period this year. If a 20-day comparison is applied by stripping out the revenue of Valentine’s Day last year, such same store sales growth would be positive,” noted the jeweller.
In contrast to stable sales performance in China, Chow Tai Fook’s retail sales in Hong Kong and Macau were down 11 percent. “Same store sales performance of gem-set jewellery in Hong Kong and Macau was dragged by the decline in average selling price due to some big-ticket sales transactions in the corresponding period last year.”
Same store sales volume in Hong Kong and Macau, however, recorded a positive growth of 3 percent, Chow Tai Fook reported.