Chow Tai Fook sales value weakens in Q2

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Chow Tai Fook Jewellery Group Ltd. reported a same store sales decline of 30 per cent year-on-year in Hong Kong and Macau for its second fiscal quarter ended September 30, with overall retail sales value down 33 per cent year-on-year, according to its latest operational data updates for the Hong Kong Stock Exchange yesterday.
The luxury jewellery retailer, however, did not indicate its sales revenue figure for the period in the filing.
During the three months, the company’s same store sales of gold products plunged 36 per cent year-on-year in the two Special Administrative Regions, whilst that of gem-set jewellery fell 23 per cent year-on-year.
On the other hand, the company saw sales decline in its Mainland Chinese market, registering a year-on-year drop of 17 per cent in its overall retail sales value, as well as a decrease of 22 per cent in same store sales in the Chinese market.
‘[The performance of Retail Sales Value] for both Mainland China and Hong Kong and Macau markets during the second [fiscal] quarter was affected by the high base, which resulted from a surge in sales of gold products as gold prices fell in the same period last year,’ the company wrote in the filing.
As at the end of September, the retailer had a total of 2,326 points of sale in Macau, Hong Kong and Mainland China.
For the company’s last fiscal year, its net profit attributable to shareholders amounted to HK$2.94 billion (US$366 million), down 46.5 per cent year-on-year, with total revenue down 12 per cent year-on-year to HK$56.6 billion.